Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,305/mo
Lowest payment
Down payment
$242,198
Funds due
$255,417
Interest + MI left
$180,126
First ends
Dec 2051
Assumption

Assumption + second

$3,655/mo
+$1,350/mo
Down payment
$58,198
Funds due
$72,708
Interest + MI left
$482,171
First ends
Dec 2051
New loan

New conventional

$4,171/mo
+$1,866/mo
Down payment
$58,198
Funds due
$69,114
Interest + MI left
$783,662
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$332,802$332,802$516,802
Second mortgage—$184,000—
First P&I$1,550.52$1,550.52$3,578.23
Second P&I—$1,350.13—
Mortgage insurance$265.23$265.23$103.36
Taxes, insurance & HOA$489.50$489.50$489.50
Total housing payment$2,305.25$3,655.38$4,171.09

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$58,198
Closing costs & prepaids$14,510
Usable credit−$0
Total buyer cash needed$72,708
Earnest money paid−$0
Remaining funds due$72,708
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$593.50
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$26.08
Prepaid interest, second (1 days)$40.33

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 1 moOf the original 30-year loan at 2.860%
Interest already paid$49,843Through Nov 2026
Assumption only · ends Dec 2051$180,126
Assumption + second · ends Dec 2051, second Dec 2056$482,171
New conventional · ends Dec 2056$783,662