Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,186/mo
Lowest payment
Down payment
$204,041
Funds due
$216,116
Interest + MI left
$296,314
First ends
Sep 2055
Assumption

Assumption + second

$3,367/mo
+$1,181/mo
Down payment
$43,041
Funds due
$56,436
Interest + MI left
$560,604
First ends
Sep 2055
New loan

New conventional

$3,378/mo
+$1,192/mo
Down payment
$43,041
Funds due
$52,961
Interest + MI left
$579,190
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$220,959$220,959$381,959
Second mortgage—$161,000—
First P&I$1,426.68$1,426.68$2,644.61
Second P&I—$1,181.36—
Mortgage insurance$102.60$102.60$76.39
Taxes, insurance & HOA$656.75$656.75$656.75
Total housing payment$2,186.03$3,367.39$3,377.75

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,041
Closing costs & prepaids$13,395
Usable credit−$0
Total buyer cash needed$56,436
Earnest money paid−$0
Remaining funds due$56,436
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$452.25
Initial HOA (3 months)$1,068.00
Prepaid interest, first (2 days)$79.67
Prepaid interest, second (2 days)$70.58

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 closing28 yr 10 moOf the original 30-year loan at 6.580%
Interest already paid$17,083Through Nov 2026
Assumption only · ends Sep 2055$296,314
Assumption + second · ends Sep 2055, second Dec 2056$560,604
New conventional · ends Dec 2056$579,190