Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,767/mo
Lowest payment
Down payment
$124,539
Funds due
$135,279
Interest + MI left
$136,349
First ends
Dec 2051
Assumption

Assumption + second

$2,467/mo
+$700/mo
Down payment
$37,539
Funds due
$49,551
Interest + MI left
$301,357
First ends
Dec 2051
New loan

New conventional

$2,802/mo
+$1,035/mo
Down payment
$37,539
Funds due
$46,152
Interest + MI left
$511,782
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$250,461$250,461$337,461
Second mortgage—$87,000—
First P&I$1,169.48$1,169.48$2,336.51
Second P&I—$700.02—
Mortgage insurance$199.53$199.53$67.49
Taxes, insurance & HOA$398.42$398.42$398.42
Total housing payment$1,767.43$2,467.46$2,802.42

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$37,539
Closing costs & prepaids$12,011
Usable credit−$0
Total buyer cash needed$49,551
Earnest money paid−$0
Remaining funds due$49,551
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$431.25
Initial HOA (3 months)$314.01
Prepaid interest, first (1 days)$19.76
Prepaid interest, second (1 days)$21.45

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 1 moOf the original 30-year loan at 2.880%
Interest already paid$37,766Through Nov 2026
Assumption only · ends Dec 2051$136,349
Assumption + second · ends Dec 2051, second Dec 2056$301,357
New conventional · ends Dec 2056$511,782