Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,116/mo
Lowest payment
Down payment
$116,220
Funds due
$126,822
Interest + MI left
$346,916
First ends
Dec 2055
Assumption

Assumption + second

$2,736/mo
+$620/mo
Down payment
$39,220
Funds due
$51,091
Interest + MI left
$492,958
First ends
Dec 2055
New loan

New conventional

$2,781/mo
+$665/mo
Down payment
$39,220
Funds due
$47,654
Interest + MI left
$527,362
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$270,780$270,780$347,780
Second mortgage—$77,000—
First P&I$1,687.04$1,687.04$2,407.96
Second P&I—$619.56—
Mortgage insurance$125.45$125.45$69.56
Taxes, insurance & HOA$303.50$303.50$303.50
Total housing payment$2,115.99$2,735.55$2,781.01

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$39,220
Closing costs & prepaids$11,871
Usable credit−$0
Total buyer cash needed$51,091
Earnest money paid−$0
Remaining funds due$51,091
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,870.00
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)$313.50
Initial HOA (3 months)$147.00
Prepaid interest, first (1 days)$46.44
Prepaid interest, second (1 days)$18.99

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 closing29 yr 1 moOf the original 30-year loan at 6.260%
Interest already paid$15,631Through Nov 2026
Assumption only · ends Dec 2055$346,916
Assumption + second · ends Dec 2055, second Dec 2056$492,958
New conventional · ends Dec 2056$527,362