Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,838/mo
Lowest payment
Down payment
$179,357
Funds due
$190,926
Interest + MI left
$126,137
First ends
Jul 2051
Assumption

Assumption + second

$2,843/mo
+$1,005/mo
Down payment
$42,357
Funds due
$55,237
Interest + MI left
$351,030
First ends
Jul 2051
New loan

New conventional

$3,190/mo
+$1,352/mo
Down payment
$42,357
Funds due
$51,817
Interest + MI left
$565,064
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$235,643$235,643$372,643
Second mortgage—$137,000—
First P&I$1,112.37$1,112.37$2,580.10
Second P&I—$1,005.26—
Mortgage insurance$189.91$189.91$74.53
Taxes, insurance & HOA$535.67$535.67$535.67
Total housing payment$1,837.95$2,843.21$3,190.30

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,357
Closing costs & prepaids$12,879
Usable credit−$0
Total buyer cash needed$55,237
Earnest money paid−$0
Remaining funds due$55,237
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$269.00
Initial HOA (3 months)$888.00
Prepaid interest, first (2 days)$37.12
Prepaid interest, second (2 days)$60.05

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 2.875%
Interest already paid$38,724Through Nov 2026
Assumption only · ends Jul 2051$126,137
Assumption + second · ends Jul 2051, second Dec 2056$351,030
New conventional · ends Dec 2056$565,064