Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$841/mo
Lowest payment
Down payment
$161,801
Funds due
$170,200
Interest + MI left
$7,309
First ends
Dec 2031
Assumption

Assumption + second

$1,883/mo
+$1,042/mo
Down payment
$19,801
Funds due
$29,730
Interest + MI left
$240,409
First ends
Dec 2031
New loan

New conventional

$1,413/mo
+$572/mo
Down payment
$19,801
Funds due
$26,457
Interest + MI left
$248,791
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$28,199$28,199$170,199
Second mortgage—$142,000—
First P&I$553.47$553.47$1,152.99
Second P&I—$1,041.95—
Mortgage insurance$61.20$61.20$34.04
Taxes, insurance & HOA$226.00$226.00$226.00
Total housing payment$840.66$1,882.61$1,413.03

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$19,801
Closing costs & prepaids$9,929
Usable credit−$0
Total buyer cash needed$29,730
Earnest money paid−$0
Remaining funds due$29,730
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,900.00
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)$228.00
Prepaid interest, first (9 days)$46.10
Prepaid interest, second (9 days)$280.11

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 closing5 yrOf the original 30-year loan at 6.63%
Interest already paid$107,847Through Dec 2026
Assumption only · ends Dec 2031$7,309
Assumption + second · ends Dec 2031, second Jan 2057$240,409
New conventional · ends Jan 2057$248,791