Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,089/mo
Lowest payment
Down payment
$286,158
Funds due
$296,739
Interest + MI left
$153,314
First ends
May 2054
Assumption

Assumption + second

$2,852/mo
+$1,762/mo
Down payment
$40,158
Funds due
$52,042
Interest + MI left
$541,769
First ends
May 2054
New loan

New conventional

$2,825/mo
+$1,736/mo
Down payment
$40,158
Funds due
$48,590
Interest + MI left
$545,725
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$113,842$113,842$359,842
Second mortgage—$246,000—
First P&I$773.77$773.77$2,491.47
Second P&I—$1,762.37—
Mortgage insurance$53.63$53.63$71.97
Taxes, insurance & HOA$261.75$261.75$261.75
Total housing payment$1,089.15$2,851.53$2,825.19

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,158
Closing costs & prepaids$11,884
Usable credit−$0
Total buyer cash needed$52,042
Earnest money paid−$0
Remaining funds due$52,042
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$335.25
Prepaid interest, first (1 days)$21.65
Prepaid interest, second (1 days)$52.23

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 closing27 yr 6 moOf the original 30-year loan at 6.940%
Interest already paid$20,044Through Nov 2026
Assumption only · ends May 2054$153,314
Assumption + second · ends May 2054, second Dec 2056$541,769
New conventional · ends Dec 2056$545,725