Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,959/mo
Lowest payment
Down payment
$53,135
Funds due
$63,357
Interest + MI left
$172,617
First ends
Dec 2051
Assumption

Assumption + second

$2,315/mo
+$357/mo
Down payment
$18,135
Funds due
$29,630
Interest + MI left
$266,011
First ends
Dec 2051
New loan

New conventional

$2,683/mo
+$724/mo
Down payment
$18,135
Funds due
$26,462
Interest + MI left
$513,011
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$302,115$302,115$337,115
Second mortgage—$35,000—
First P&I$1,437.34$1,437.34$2,334.12
Second P&I—$356.65—
Mortgage insurance$239.95$239.95$67.42
Taxes, insurance & HOA$281.33$281.33$281.33
Total housing payment$1,958.62$2,315.27$2,682.87

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$18,135
Closing costs & prepaids$11,495
Usable credit−$0
Total buyer cash needed$29,630
Earnest money paid−$0
Remaining funds due$29,630
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,552.50
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)$394.00
Prepaid interest, first (2 days)$50.49
Prepaid interest, second (2 days)$22.77

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 1 moOf the original 30-year loan at 3.050%
Interest already paid$48,167Through Nov 2026
Assumption only · ends Dec 2051$172,617
Assumption + second · ends Dec 2051, second Dec 2056$266,011
New conventional · ends Dec 2056$513,011