Compare the three ways to buy

The payment, the cash to close, and what is left to pay

Cash to Close
Assumption

Assumption only

$2,025/mo
Lowest payment
Down payment
$77,494
Funds due
$88,329
Interest + MI left
$174,267
First ends
Jan 2052
Assumption

Assumption + second

$2,339/mo
+$314/mo
Down payment
$38,494
Funds due
$50,666
Interest + MI left
$248,236
First ends
Jan 2052
New loan

New conventional

$2,707/mo
+$682/mo
Down payment
$38,494
Funds due
$47,510
Interest + MI left
$491,960
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$297,506$297,506$336,506
Second mortgage—$39,000—
First P&I$1,429.43$1,429.43$2,279.61
Second P&I—$313.80—
Mortgage insurance$235.91$235.91$67.30
Taxes, insurance & HOA$360.00$360.00$360.00
Total housing payment$2,025.34$2,339.15$2,706.91

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$38,494
Closing costs & prepaids$12,172
Usable credit−$0
Total buyer cash needed$50,666
Earnest money paid−$0
Remaining funds due$50,666
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$450.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$230.34
Prepaid interest, second (9 days)$86.55

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.

What is left to pay

The seller already paid down the early, interest-heavy years.

Remaining first mortgage at closing25 yr 1 moOf the original 30-year loan at 3.14%
Interest already paid$48,791Through Dec 2026
Assumption only · ends Jan 2052$174,267
Assumption + second · ends Jan 2052, second Jan 2057$248,236
New conventional · ends Jan 2057$491,960