Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,990/mo
Lowest payment
Down payment
$81,170
Funds due
$91,488
Interest + MI left
$319,838
First ends
Jun 2055
Assumption

Assumption + second

$2,393/mo
+$402/mo
Down payment
$31,170
Funds due
$42,849
Interest + MI left
$414,670
First ends
Jun 2055
New loan

New conventional

$2,296/mo
+$305/mo
Down payment
$31,170
Funds due
$39,480
Interest + MI left
$407,696
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$228,830$228,830$278,830
Second mortgage—$50,000—
First P&I$1,532.79$1,532.79$1,888.89
Second P&I—$402.31—
Mortgage insurance$106.56$106.56$55.77
Taxes, insurance & HOA$351.00$351.00$351.00
Total housing payment$1,990.35$2,392.66$2,295.66

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$31,170
Closing costs & prepaids$11,679
Usable credit−$0
Total buyer cash needed$42,849
Earnest money paid−$0
Remaining funds due$42,849
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Initial HOA (3 months)$231.00
Prepaid interest, first (9 days)$389.89
Prepaid interest, second (9 days)$110.96

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 closing28 yr 6 moOf the original 30-year loan at 6.91%
Interest already paid$23,922Through Dec 2026
Assumption only · ends Jun 2055$319,838
Assumption + second · ends Jun 2055, second Jan 2057$414,670
New conventional · ends Jan 2057$407,696