Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,095/mo
Lowest payment
Down payment
$127,047
Funds due
$138,180
Interest + MI left
$205,533
First ends
May 2052
Assumption

Assumption + second

$2,779/mo
+$684/mo
Down payment
$42,047
Funds due
$54,451
Interest + MI left
$366,748
First ends
May 2052
New loan

New conventional

$3,050/mo
+$955/mo
Down payment
$42,047
Funds due
$51,005
Interest + MI left
$565,534
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$287,953$287,953$372,953
Second mortgage—$85,000—
First P&I$1,478.74$1,478.74$2,582.25
Second P&I—$683.93—
Mortgage insurance$223.43$223.43$74.59
Taxes, insurance & HOA$392.75$392.75$392.75
Total housing payment$2,094.91$2,778.84$3,049.59

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,047
Closing costs & prepaids$12,405
Usable credit−$0
Total buyer cash needed$54,451
Earnest money paid−$0
Remaining funds due$54,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$560.25
Initial HOA (3 months)$168.00
Prepaid interest, first (1 days)$30.37
Prepaid interest, second (1 days)$20.96

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 3.850%
Interest already paid$52,380Through Nov 2026
Assumption only · ends May 2052$205,533
Assumption + second · ends May 2052, second Dec 2056$366,748
New conventional · ends Dec 2056$565,534