Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$854/mo
Lowest payment
Down payment
$299,192
Funds due
$309,548
Interest + MI left
$22,626
First ends
Jun 2039
Assumption

Assumption + second

$2,746/mo
+$1,891/mo
Down payment
$35,192
Funds due
$47,303
Interest + MI left
$439,504
First ends
Jun 2039
New loan

New conventional

$2,536/mo
+$1,681/mo
Down payment
$35,192
Funds due
$43,892
Interest + MI left
$460,298
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$50,806$50,806$314,806
Second mortgage—$264,000—
First P&I$453.89$453.89$2,132.61
Second P&I—$1,891.33—
Mortgage insurance$60.51$60.51$62.96
Taxes, insurance & HOA$340.00$340.00$340.00
Total housing payment$854.40$2,745.72$2,535.57

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$35,192
Closing costs & prepaids$12,111
Usable credit−$0
Total buyer cash needed$47,303
Earnest money paid−$0
Remaining funds due$47,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.98
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)$420.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$61.51
Prepaid interest, second (9 days)$504.49

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 closing12 yr 6 moOf the original 30-year loan at 4.91%
Interest already paid$60,699Through Dec 2026
Assumption only · ends Jun 2039$22,626
Assumption + second · ends Jun 2039, second Jan 2057$439,504
New conventional · ends Jan 2057$460,298