Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,278/mo
Lowest payment
Down payment
$122,502
Funds due
$134,469
Interest + MI left
$181,546
First ends
Jan 2052
Assumption

Assumption + second

$2,914/mo
+$636/mo
Down payment
$43,502
Funds due
$56,894
Interest + MI left
$331,381
First ends
Jan 2052
New loan

New conventional

$3,264/mo
+$986/mo
Down payment
$43,502
Funds due
$53,687
Interest + MI left
$572,435
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$312,498$312,498$391,498
Second mortgage—$79,000—
First P&I$1,496.54$1,496.54$2,652.14
Second P&I—$635.65—
Mortgage insurance$247.93$247.93$78.30
Taxes, insurance & HOA$534.00$534.00$534.00
Total housing payment$2,278.48$2,914.13$3,264.44

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,502
Closing costs & prepaids$13,392
Usable credit−$0
Total buyer cash needed$56,894
Earnest money paid−$0
Remaining funds due$56,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Initial HOA (3 months)$630.00
Prepaid interest, first (9 days)$239.64
Prepaid interest, second (9 days)$175.32

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 closing25 yr 1 moOf the original 30-year loan at 3.11%
Interest already paid$50,774Through Dec 2026
Assumption only · ends Jan 2052$181,546
Assumption + second · ends Jan 2052, second Jan 2057$331,381
New conventional · ends Jan 2057$572,435