Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,586/mo
Lowest payment
Down payment
$91,508
Funds due
$102,886
Interest + MI left
$354,352
First ends
Dec 2052
Assumption

Assumption + second

$2,996/mo
+$410/mo
Down payment
$40,508
Funds due
$53,250
Interest + MI left
$451,081
First ends
Dec 2052
New loan

New conventional

$2,887/mo
+$301/mo
Down payment
$40,508
Funds due
$49,853
Interest + MI left
$525,491
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$308,392$308,392$359,392
Second mortgage—$51,000—
First P&I$1,975.22$1,975.22$2,434.65
Second P&I—$410.36—
Mortgage insurance$230.63$230.63$71.88
Taxes, insurance & HOA$380.00$380.00$380.00
Total housing payment$2,585.86$2,996.21$2,886.52

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,508
Closing costs & prepaids$12,742
Usable credit−$0
Total buyer cash needed$53,250
Earnest money paid−$0
Remaining funds due$53,250
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$464.62
Prepaid interest, second (9 days)$113.18

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 closing26 yrOf the original 30-year loan at 6.11%
Interest already paid$77,603Through Dec 2026
Assumption only · ends Dec 2052$354,352
Assumption + second · ends Dec 2052, second Jan 2057$451,081
New conventional · ends Jan 2057$525,491