Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,230/mo
Lowest payment
Down payment
$89,621
Funds due
$100,162
Interest + MI left
$275,282
First ends
Jul 2052
Assumption

Assumption + second

$2,633/mo
+$402/mo
Down payment
$39,621
Funds due
$51,424
Interest + MI left
$370,115
First ends
Jul 2052
New loan

New conventional

$2,767/mo
+$537/mo
Down payment
$39,621
Funds due
$47,996
Interest + MI left
$529,787
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$299,379$299,379$349,379
Second mortgage—$50,000—
First P&I$1,723.86$1,723.86$2,419.03
Second P&I—$402.31—
Mortgage insurance$227.98$227.98$69.88
Taxes, insurance & HOA$278.42$278.42$278.42
Total housing payment$2,230.25$2,632.56$2,767.32

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$39,621
Closing costs & prepaids$11,803
Usable credit−$0
Total buyer cash needed$51,424
Earnest money paid−$0
Remaining funds due$51,424
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$292.25
Initial HOA (3 months)$93.00
Prepaid interest, first (1 days)$40.85
Prepaid interest, second (1 days)$12.33

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 8 moOf the original 30-year loan at 4.980%
Interest already paid$67,165Through Nov 2026
Assumption only · ends Jul 2052$275,282
Assumption + second · ends Jul 2052, second Dec 2056$370,115
New conventional · ends Dec 2056$529,787