Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,888/mo
Lowest payment
Down payment
$76,209
Funds due
$85,841
Interest + MI left
$317,027
First ends
Apr 2055
Assumption

Assumption + second

$2,242/mo
+$354/mo
Down payment
$32,209
Funds due
$43,102
Interest + MI left
$400,479
First ends
Apr 2055
New loan

New conventional

$2,255/mo
+$367/mo
Down payment
$32,209
Funds due
$39,734
Interest + MI left
$436,454
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$243,791$243,791$287,791
Second mortgage—$44,000—
First P&I$1,569.24$1,569.24$1,992.61
Second P&I—$354.03—
Mortgage insurance$113.79$113.79$57.56
Taxes, insurance & HOA$204.67$204.67$204.67
Total housing payment$1,887.69$2,241.73$2,254.83

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$32,209
Closing costs & prepaids$10,893
Usable credit−$0
Total buyer cash needed$43,102
Earnest money paid−$0
Remaining funds due$43,102
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$164.00
Prepaid interest, first (1 days)$43.41
Prepaid interest, second (1 days)$10.85

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 closing28 yr 5 moOf the original 30-year loan at 6.500%
Interest already paid$25,337Through Nov 2026
Assumption only · ends Apr 2055$317,027
Assumption + second · ends Apr 2055, second Dec 2056$400,479
New conventional · ends Dec 2056$436,454