Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,742/mo
Lowest payment
Down payment
$196,017
Funds due
$210,197
Interest + MI left
$306,145
First ends
Feb 2056
Assumption

Assumption + second

$3,821/mo
+$1,079/mo
Down payment
$49,017
Funds due
$64,737
Interest + MI left
$547,453
First ends
Feb 2056
New loan

New conventional

$4,034/mo
+$1,292/mo
Down payment
$49,017
Funds due
$61,305
Interest + MI left
$637,479
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$288,983$288,983$435,983
Second mortgage—$147,000—
First P&I$1,614.67$1,614.67$2,953.50
Second P&I—$1,078.63—
Mortgage insurance$134.02$134.02$87.20
Taxes, insurance & HOA$993.67$993.67$993.67
Total housing payment$2,742.35$3,820.98$4,034.36

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$49,017
Closing costs & prepaids$15,720
Usable credit−$0
Total buyer cash needed$64,737
Earnest money paid−$0
Remaining funds due$64,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$582.00
Initial HOA (3 months)$1,899.00
Prepaid interest, first (9 days)$374.09
Prepaid interest, second (9 days)$289.97

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 2 moOf the original 30-year loan at 5.25%
Interest already paid$12,726Through Dec 2026
Assumption only · ends Feb 2056$306,145
Assumption + second · ends Feb 2056, second Jan 2057$547,453
New conventional · ends Jan 2057$637,479