Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,424/mo
Lowest payment
Down payment
$426,265
Funds due
$442,441
Interest + MI left
$165,000
First ends
Feb 2051
Assumption

Assumption + second

$4,939/mo
+$2,515/mo
Down payment
$75,265
Funds due
$93,362
Interest + MI left
$719,259
First ends
Feb 2051
New loan

New conventional

$5,332/mo
+$2,908/mo
Down payment
$75,265
Funds due
$89,862
Interest + MI left
$986,573
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$323,734$323,734$674,734
Second mortgage—$351,000—
First P&I$1,532.59$1,532.59$4,570.88
Second P&I—$2,514.61—
Mortgage insurance$265.23$265.23$134.95
Taxes, insurance & HOA$626.67$626.67$626.67
Total housing payment$2,424.48$4,939.09$5,332.50

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$75,265
Closing costs & prepaids$18,097
Usable credit−$0
Total buyer cash needed$93,362
Earnest money paid−$0
Remaining funds due$93,362
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,499.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$900.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$221.11
Prepaid interest, second (9 days)$670.75

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 closing24 yr 2 moOf the original 30-year loan at 2.77%
Interest already paid$56,575Through Dec 2026
Assumption only · ends Feb 2051$165,000
Assumption + second · ends Feb 2051, second Jan 2057$719,259
New conventional · ends Jan 2057$986,573