Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,860/mo
Lowest payment
Down payment
$181,875
Funds due
$193,221
Interest + MI left
$144,766
First ends
Nov 2049
Assumption

Assumption + second

$2,880/mo
+$1,020/mo
Down payment
$42,875
Funds due
$55,745
Interest + MI left
$372,941
First ends
Nov 2049
New loan

New conventional

$3,016/mo
+$1,157/mo
Down payment
$42,875
Funds due
$52,447
Interest + MI left
$551,344
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$238,125$238,125$377,125
Second mortgage—$139,000—
First P&I$1,275.41$1,275.41$2,554.78
Second P&I—$1,019.93—
Mortgage insurance$198.22$198.22$75.43
Taxes, insurance & HOA$386.00$386.00$386.00
Total housing payment$1,859.63$2,879.56$3,016.20

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,875
Closing costs & prepaids$12,870
Usable credit−$0
Total buyer cash needed$55,745
Earnest money paid−$0
Remaining funds due$55,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$212.55
Prepaid interest, second (9 days)$274.19

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 closing22 yr 11 moOf the original 30-year loan at 3.62%
Interest already paid$66,698Through Dec 2026
Assumption only · ends Nov 2049$144,766
Assumption + second · ends Nov 2049, second Jan 2057$372,941
New conventional · ends Jan 2057$551,344