Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,224/mo
Lowest payment
Down payment
$69,711
Funds due
$80,646
Interest + MI left
$186,290
First ends
Jul 2051
Assumption

Assumption + second

$2,457/mo
+$233/mo
Down payment
$40,711
Funds due
$52,910
Interest + MI left
$241,292
First ends
Jul 2051
New loan

New conventional

$2,928/mo
+$703/mo
Down payment
$40,711
Funds due
$49,529
Interest + MI left
$544,814
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$330,289$330,289$359,289
Second mortgage—$29,000—
First P&I$1,590.80$1,590.80$2,487.64
Second P&I—$233.34—
Mortgage insurance$265.23$265.23$71.86
Taxes, insurance & HOA$368.08$368.08$368.08
Total housing payment$2,224.11$2,457.45$2,927.59

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,711
Closing costs & prepaids$12,199
Usable credit−$0
Total buyer cash needed$52,910
Earnest money paid−$0
Remaining funds due$52,910
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$336.25
Initial HOA (3 months)$318.00
Prepaid interest, first (2 days)$55.38
Prepaid interest, second (2 days)$14.30

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 3.060%
Interest already paid$57,660Through Nov 2026
Assumption only · ends Jul 2051$186,290
Assumption + second · ends Jul 2051, second Dec 2056$241,292
New conventional · ends Dec 2056$544,814