Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,486/mo
Lowest payment
Down payment
$42,851
Funds due
$53,478
Interest + MI left
$404,967
First ends
Jun 2054
Assumption

Assumption + second

$2,740/mo
+$255/mo
Down payment
$17,851
Funds due
$29,801
Interest + MI left
$471,677
First ends
Jun 2054
New loan

New conventional

$2,584/mo
+$99/mo
Down payment
$17,851
Funds due
$26,567
Interest + MI left
$482,982
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$304,149$304,149$329,149
Second mortgage—$25,000—
First P&I$2,053.37$2,053.37$2,229.77
Second P&I—$254.75—
Mortgage insurance$143.33$143.33$65.83
Taxes, insurance & HOA$288.83$288.83$288.83
Total housing payment$2,485.54$2,740.29$2,584.43

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$17,851
Closing costs & prepaids$11,950
Usable credit−$0
Total buyer cash needed$29,801
Earnest money paid−$0
Remaining funds due$29,801
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,470.00
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)$416.50
Prepaid interest, first (9 days)$515.22
Prepaid interest, second (9 days)$73.20

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 6 moOf the original 30-year loan at 6.87%
Interest already paid$53,020Through Dec 2026
Assumption only · ends Jun 2054$404,967
Assumption + second · ends Jun 2054, second Jan 2057$471,677
New conventional · ends Jan 2057$482,982