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
$131,926
Funds due
$142,503
Interest + MI left
$153,634
First ends
Jan 2052
Assumption

Assumption + second

$2,477/mo
+$732/mo
Down payment
$40,926
Funds due
$52,775
Interest + MI left
$326,228
First ends
Jan 2052
New loan

New conventional

$2,818/mo
+$1,073/mo
Down payment
$40,926
Funds due
$49,344
Interest + MI left
$544,473
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$268,064$268,064$359,064
Second mortgage—$91,000—
First P&I$1,272.53$1,272.53$2,486.09
Second P&I—$732.21—
Mortgage insurance$212.43$212.43$71.81
Taxes, insurance & HOA$259.75$259.75$259.75
Total housing payment$1,744.71$2,476.92$2,817.65

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,926
Closing costs & prepaids$11,849
Usable credit−$0
Total buyer cash needed$52,775
Earnest money paid−$0
Remaining funds due$52,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.90
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)$329.25
Prepaid interest, first (1 days)$22.40
Prepaid interest, second (1 days)$22.44

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 2 moOf the original 30-year loan at 3.050%
Interest already paid$41,962Through Nov 2026
Assumption only · ends Jan 2052$153,634
Assumption + second · ends Jan 2052, second Dec 2056$326,228
New conventional · ends Dec 2056$544,473