Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,352/mo
Lowest payment
Down payment
$67,014
Funds due
$76,343
Interest + MI left
$102,126
First ends
Apr 2051
Assumption

Assumption + second

$1,674/mo
+$322/mo
Down payment
$27,014
Funds due
$37,682
Interest + MI left
$177,992
First ends
Apr 2051
New loan

New conventional

$1,916/mo
+$564/mo
Down payment
$27,014
Funds due
$34,558
Interest + MI left
$347,927
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$197,986$197,986$237,986
Second mortgage—$40,000—
First P&I$934.79$934.79$1,612.20
Second P&I—$321.85—
Mortgage insurance$161.36$161.36$47.60
Taxes, insurance & HOA$256.00$256.00$256.00
Total housing payment$1,352.15$1,674.00$1,915.80

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$27,014
Closing costs & prepaids$10,668
Usable credit−$0
Total buyer cash needed$37,682
Earnest money paid−$0
Remaining funds due$37,682
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Prepaid interest, first (9 days)$136.20
Prepaid interest, second (9 days)$88.77

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 closing24 yr 4 moOf the original 30-year loan at 2.79%
Interest already paid$33,755Through Dec 2026
Assumption only · ends Apr 2051$102,126
Assumption + second · ends Apr 2051, second Jan 2057$177,992
New conventional · ends Jan 2057$347,927