Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,289/mo
Lowest payment
Down payment
$61,450
Funds due
$70,222
Interest + MI left
$199,058
First ends
Jul 2054
Assumption

Assumption + second

$1,611/mo
+$322/mo
Down payment
$21,450
Funds due
$31,561
Interest + MI left
$274,924
First ends
Jul 2054
New loan

New conventional

$1,512/mo
+$223/mo
Down payment
$21,450
Funds due
$28,281
Interest + MI left
$268,307
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$143,550$143,550$183,550
Second mortgage—$40,000—
First P&I$989.79$989.79$1,243.43
Second P&I—$321.85—
Mortgage insurance$67.50$67.50$36.71
Taxes, insurance & HOA$232.00$232.00$232.00
Total housing payment$1,289.29$1,611.14$1,512.14

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$21,450
Closing costs & prepaids$10,111
Usable credit−$0
Total buyer cash needed$31,561
Earnest money paid−$0
Remaining funds due$31,561
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,050.00
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)$246.00
Prepaid interest, first (9 days)$251.31
Prepaid interest, second (9 days)$88.77

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 closing27 yr 7 moOf the original 30-year loan at 7.1%
Interest already paid$24,971Through Dec 2026
Assumption only · ends Jul 2054$199,058
Assumption + second · ends Jul 2054, second Jan 2057$274,924
New conventional · ends Jan 2057$268,307