Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,311/mo
Lowest payment
Down payment
$131,646
Funds due
$143,485
Interest + MI left
$203,616
First ends
Apr 2052
Assumption

Assumption + second

$3,011/mo
+$700/mo
Down payment
$44,646
Funds due
$57,778
Interest + MI left
$368,624
First ends
Apr 2052
New loan

New conventional

$3,347/mo
+$1,036/mo
Down payment
$44,646
Funds due
$54,339
Interest + MI left
$597,986
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$307,354$307,354$394,354
Second mortgage—$87,000—
First P&I$1,532.86$1,532.86$2,730.43
Second P&I—$700.02—
Mortgage insurance$240.00$240.00$78.87
Taxes, insurance & HOA$538.08$538.08$538.08
Total housing payment$2,310.94$3,010.96$3,347.38

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$44,646
Closing costs & prepaids$13,132
Usable credit−$0
Total buyer cash needed$57,778
Earnest money paid−$0
Remaining funds due$57,778
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$384.25
Initial HOA (3 months)$780.00
Prepaid interest, first (2 days)$59.96
Prepaid interest, second (2 days)$42.90

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 3.560%
Interest already paid$52,834Through Nov 2026
Assumption only · ends Apr 2052$203,616
Assumption + second · ends Apr 2052, second Dec 2056$368,624
New conventional · ends Dec 2056$597,986