Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,745/mo
Lowest payment
Down payment
$74,103
Funds due
$83,921
Interest + MI left
$217,716
First ends
Oct 2052
Assumption

Assumption + second

$2,099/mo
+$354/mo
Down payment
$30,103
Funds due
$41,269
Interest + MI left
$301,168
First ends
Oct 2052
New loan

New conventional

$2,115/mo
+$371/mo
Down payment
$30,103
Funds due
$38,000
Interest + MI left
$387,270
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$220,897$220,897$264,897
Second mortgage—$44,000—
First P&I$1,309.72$1,309.72$1,794.50
Second P&I—$354.03—
Mortgage insurance$167.06$167.06$52.98
Taxes, insurance & HOA$268.00$268.00$268.00
Total housing payment$1,744.78$2,098.82$2,115.48

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$30,103
Closing costs & prepaids$11,165
Usable credit−$0
Total buyer cash needed$41,269
Earnest money paid−$0
Remaining funds due$41,269
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Prepaid interest, first (9 days)$288.68
Prepaid interest, second (9 days)$97.64

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 10 moOf the original 30-year loan at 5.3%
Interest already paid$50,527Through Dec 2026
Assumption only · ends Oct 2052$217,716
Assumption + second · ends Oct 2052, second Jan 2057$301,168
New conventional · ends Jan 2057$387,270