Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,669/mo
Lowest payment
Down payment
$142,454
Funds due
$152,949
Interest + MI left
$259,877
First ends
Apr 2056
Assumption

Assumption + second

$2,461/mo
+$792/mo
Down payment
$34,454
Funds due
$46,412
Interest + MI left
$437,165
First ends
Apr 2056
New loan

New conventional

$2,450/mo
+$781/mo
Down payment
$34,454
Funds due
$43,029
Interest + MI left
$439,388
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$192,546$192,546$300,546
Second mortgage—$108,000—
First P&I$1,226.06$1,226.06$2,036.00
Second P&I—$792.47—
Mortgage insurance$88.91$88.91$60.11
Taxes, insurance & HOA$354.00$354.00$354.00
Total housing payment$1,668.97$2,461.43$2,450.11

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,454
Closing costs & prepaids$11,959
Usable credit−$0
Total buyer cash needed$46,412
Earnest money paid−$0
Remaining funds due$46,412
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$308.60
Prepaid interest, second (9 days)$213.04

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 closing29 yr 4 moOf the original 30-year loan at 6.5%
Interest already paid$8,379Through Dec 2026
Assumption only · ends Apr 2056$259,877
Assumption + second · ends Apr 2056, second Jan 2057$437,165
New conventional · ends Jan 2057$439,388