Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,287/mo
Lowest payment
Down payment
$85,709
Funds due
$97,291
Interest + MI left
$181,397
First ends
Dec 2051
Assumption

Assumption + second

$2,633/mo
+$346/mo
Down payment
$42,709
Funds due
$55,637
Interest + MI left
$262,952
First ends
Dec 2051
New loan

New conventional

$3,081/mo
+$794/mo
Down payment
$42,709
Funds due
$52,491
Interest + MI left
$548,662
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$332,291$332,291$375,291
Second mortgage—$43,000—
First P&I$1,558.53$1,558.53$2,542.35
Second P&I—$345.99—
Mortgage insurance$265.23$265.23$75.06
Taxes, insurance & HOA$463.17$463.17$463.17
Total housing payment$2,286.93$2,632.91$3,080.58

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,709
Closing costs & prepaids$12,928
Usable credit−$0
Total buyer cash needed$55,637
Earnest money paid−$0
Remaining funds due$55,637
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,180.00
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)$501.50
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$237.61
Prepaid interest, second (9 days)$95.42

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 yrOf the original 30-year loan at 2.9%
Interest already paid$51,363Through Dec 2026
Assumption only · ends Dec 2051$181,397
Assumption + second · ends Dec 2051, second Jan 2057$262,952
New conventional · ends Jan 2057$548,662