Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,750/mo
Lowest payment
Down payment
$122,982
Funds due
$134,026
Interest + MI left
$110,770
First ends
Jul 2051
Assumption

Assumption + second

$2,474/mo
+$724/mo
Down payment
$32,982
Funds due
$45,476
Interest + MI left
$281,468
First ends
Jul 2051
New loan

New conventional

$2,642/mo
+$892/mo
Down payment
$32,982
Funds due
$42,255
Interest + MI left
$419,609
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$197,017$197,017$287,017
Second mortgage—$90,000—
First P&I$951.06$951.06$1,944.35
Second P&I—$724.16—
Mortgage insurance$158.57$158.57$57.40
Taxes, insurance & HOA$640.00$640.00$640.00
Total housing payment$1,749.63$2,473.79$2,641.76

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$32,982
Closing costs & prepaids$12,493
Usable credit−$0
Total buyer cash needed$45,476
Earnest money paid−$0
Remaining funds due$45,476
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.99
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)$384.00
Initial HOA (3 months)$1,086.00
Prepaid interest, first (9 days)$148.65
Prepaid interest, second (9 days)$199.73

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 3.06%
Interest already paid$34,976Through Dec 2026
Assumption only · ends Jul 2051$110,770
Assumption + second · ends Jul 2051, second Jan 2057$281,468
New conventional · ends Jan 2057$419,609