Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,822/mo
Lowest payment
Down payment
$84,328
Funds due
$95,948
Interest + MI left
$348,778
First ends
Sep 2052
Assumption

Assumption + second

$3,136/mo
+$314/mo
Down payment
$45,328
Funds due
$58,217
Interest + MI left
$422,747
First ends
Sep 2052
New loan

New conventional

$3,297/mo
+$475/mo
Down payment
$45,328
Funds due
$54,756
Interest + MI left
$613,712
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$365,672$365,672$404,672
Second mortgage—$39,000—
First P&I$2,131.18$2,131.18$2,801.87
Second P&I—$313.80—
Mortgage insurance$277.09$277.09$80.93
Taxes, insurance & HOA$414.08$414.08$414.08
Total housing payment$2,822.36$3,136.16$3,296.88

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$45,328
Closing costs & prepaids$12,889
Usable credit−$0
Total buyer cash needed$58,217
Earnest money paid−$0
Remaining funds due$58,217
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$414.25
Initial HOA (3 months)$378.00
Prepaid interest, first (2 days)$102.79
Prepaid interest, second (2 days)$19.23

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 closing25 yr 10 moOf the original 30-year loan at 5.130%
Interest already paid$81,041Through Nov 2026
Assumption only · ends Sep 2052$348,778
Assumption + second · ends Sep 2052, second Dec 2056$422,747
New conventional · ends Dec 2056$613,712