Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,291/mo
Lowest payment
Down payment
$42,138
Funds due
$51,992
Interest + MI left
$385,402
First ends
Aug 2054
Assumption

Assumption + second

$2,546/mo
+$255/mo
Down payment
$17,138
Funds due
$28,258
Interest + MI left
$452,112
First ends
Aug 2054
New loan

New conventional

$2,449/mo
+$158/mo
Down payment
$17,138
Funds due
$25,039
Interest + MI left
$474,581
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$286,862$286,862$311,862
Second mortgage—$25,000—
First P&I$1,928.91$1,928.91$2,159.27
Second P&I—$254.75—
Mortgage insurance$134.78$134.78$62.37
Taxes, insurance & HOA$227.08$227.08$227.08
Total housing payment$2,290.78$2,545.53$2,448.73

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$17,138
Closing costs & prepaids$11,120
Usable credit−$0
Total buyer cash needed$28,258
Earnest money paid−$0
Remaining funds due$28,258
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$231.25
Prepaid interest, first (2 days)$107.83
Prepaid interest, second (2 days)$16.27

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 closing27 yr 9 moOf the original 30-year loan at 6.860%
Interest already paid$44,869Through Nov 2026
Assumption only · ends Aug 2054$385,402
Assumption + second · ends Aug 2054, second Dec 2056$452,112
New conventional · ends Dec 2056$474,581