Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,610/mo
Lowest payment
Down payment
$85,562
Funds due
$95,417
Interest + MI left
$125,595
First ends
Dec 2050
Assumption

Assumption + second

$2,036/mo
+$426/mo
Down payment
$32,562
Funds due
$43,694
Interest + MI left
$226,117
First ends
Dec 2050
New loan

New conventional

$2,347/mo
+$737/mo
Down payment
$32,562
Funds due
$40,372
Interest + MI left
$443,502
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$239,438$239,438$292,438
Second mortgage—$53,000—
First P&I$1,149.74$1,149.74$2,024.78
Second P&I—$426.45—
Mortgage insurance$196.16$196.16$58.49
Taxes, insurance & HOA$264.08$264.08$264.08
Total housing payment$1,609.98$2,036.43$2,347.35

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$32,562
Closing costs & prepaids$11,131
Usable credit−$0
Total buyer cash needed$43,694
Earnest money paid−$0
Remaining funds due$43,694
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$342.25
Prepaid interest, first (2 days)$37.79
Prepaid interest, second (2 days)$26.14

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 1 moOf the original 30-year loan at 2.880%
Interest already paid$44,131Through Nov 2026
Assumption only · ends Dec 2050$125,595
Assumption + second · ends Dec 2050, second Dec 2056$226,117
New conventional · ends Dec 2056$443,502