Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,864/mo
Lowest payment
Down payment
$84,896
Funds due
$97,001
Interest + MI left
$347,013
First ends
Sep 2052
Assumption

Assumption + second

$3,178/mo
+$314/mo
Down payment
$45,896
Funds due
$59,337
Interest + MI left
$420,982
First ends
Sep 2052
New loan

New conventional

$3,274/mo
+$410/mo
Down payment
$45,896
Funds due
$55,995
Interest + MI left
$590,786
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$365,104$365,104$404,104
Second mortgage—$39,000—
First P&I$2,131.18$2,131.18$2,737.54
Second P&I—$313.80—
Mortgage insurance$277.09$277.09$80.82
Taxes, insurance & HOA$456.00$456.00$456.00
Total housing payment$2,864.28$3,178.08$3,274.36

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$45,896
Closing costs & prepaids$13,441
Usable credit−$0
Total buyer cash needed$59,337
Earnest money paid−$0
Remaining funds due$59,337
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$378.00
Prepaid interest, first (9 days)$461.83
Prepaid interest, second (9 days)$86.55

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 9 moOf the original 30-year loan at 5.13%
Interest already paid$82,604Through Dec 2026
Assumption only · ends Sep 2052$347,013
Assumption + second · ends Sep 2052, second Jan 2057$420,982
New conventional · ends Jan 2057$590,786