Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,095/mo
Lowest payment
Down payment
$82,463
Funds due
$91,426
Interest + MI left
$78,188
First ends
Jan 2051
Assumption

Assumption + second

$1,562/mo
+$467/mo
Down payment
$24,463
Funds due
$34,805
Interest + MI left
$188,193
First ends
Jan 2051
New loan

New conventional

$1,712/mo
+$617/mo
Down payment
$24,463
Funds due
$31,648
Interest + MI left
$307,756
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$152,537$152,537$210,537
Second mortgage—$58,000—
First P&I$726.21$726.21$1,426.25
Second P&I—$466.68—
Mortgage insurance$125.19$125.19$42.11
Taxes, insurance & HOA$244.00$244.00$244.00
Total housing payment$1,095.40$1,562.08$1,712.36

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$24,463
Closing costs & prepaids$10,341
Usable credit−$0
Total buyer cash needed$34,805
Earnest money paid−$0
Remaining funds due$34,805
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$282.00
Prepaid interest, first (9 days)$105.31
Prepaid interest, second (9 days)$128.71

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 1 moOf the original 30-year loan at 2.8%
Interest already paid$27,358Through Dec 2026
Assumption only · ends Jan 2051$78,188
Assumption + second · ends Jan 2051, second Jan 2057$188,193
New conventional · ends Jan 2057$307,756