Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,400/mo
Lowest payment
Down payment
$47,537
Funds due
$58,259
Interest + MI left
$309,219
First ends
Nov 2052
Assumption

Assumption + second

$2,696/mo
+$296/mo
Down payment
$18,537
Funds due
$30,594
Interest + MI left
$386,602
First ends
Nov 2052
New loan

New conventional

$2,712/mo
+$312/mo
Down payment
$18,537
Funds due
$27,478
Interest + MI left
$508,457
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$317,463$317,463$346,463
Second mortgage—$29,000—
First P&I$1,864.31$1,864.31$2,347.06
Second P&I—$295.51—
Mortgage insurance$239.95$239.95$69.29
Taxes, insurance & HOA$296.00$296.00$296.00
Total housing payment$2,400.25$2,695.76$2,712.35

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$18,537
Closing costs & prepaids$12,057
Usable credit−$0
Total buyer cash needed$30,594
Earnest money paid−$0
Remaining funds due$30,594
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Prepaid interest, first (9 days)$408.61
Prepaid interest, second (9 days)$84.91

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 11 moOf the original 30-year loan at 5.22%
Interest already paid$70,063Through Dec 2026
Assumption only · ends Nov 2052$309,219
Assumption + second · ends Nov 2052, second Jan 2057$386,602
New conventional · ends Jan 2057$508,457