Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,517/mo
Lowest payment
Down payment
$175,739
Funds due
$186,430
Interest + MI left
$117,243
First ends
Sep 2051
Assumption

Assumption + second

$2,515/mo
+$998/mo
Down payment
$39,739
Funds due
$51,710
Interest + MI left
$340,495
First ends
Sep 2051
New loan

New conventional

$2,828/mo
+$1,311/mo
Down payment
$39,739
Funds due
$48,286
Interest + MI left
$531,124
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$214,261$214,261$350,261
Second mortgage—$136,000—
First P&I$1,012.86$1,012.86$2,425.14
Second P&I—$997.92—
Mortgage insurance$171.70$171.70$70.05
Taxes, insurance & HOA$332.83$332.83$332.83
Total housing payment$1,517.39$2,515.31$2,828.02

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$39,739
Closing costs & prepaids$11,971
Usable credit−$0
Total buyer cash needed$51,710
Earnest money paid−$0
Remaining funds due$51,710
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$257.50
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$17.20
Prepaid interest, second (1 days)$29.81

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 closing24 yr 10 moOf the original 30-year loan at 2.930%
Interest already paid$34,654Through Nov 2026
Assumption only · ends Sep 2051$117,243
Assumption + second · ends Sep 2051, second Dec 2056$340,495
New conventional · ends Dec 2056$531,124