Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,392/mo
Lowest payment
Down payment
$126,519
Funds due
$136,494
Interest + MI left
$103,538
First ends
Jun 2050
Assumption

Assumption + second

$2,164/mo
+$772/mo
Down payment
$30,519
Funds due
$41,957
Interest + MI left
$285,615
First ends
Jun 2050
New loan

New conventional

$2,230/mo
+$838/mo
Down payment
$30,519
Funds due
$38,718
Interest + MI left
$393,826
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$173,381$173,381$269,381
Second mortgage—$96,000—
First P&I$898.21$898.21$1,824.88
Second P&I—$772.44—
Mortgage insurance$142.57$142.57$53.88
Taxes, insurance & HOA$351.00$351.00$351.00
Total housing payment$1,391.78$2,164.22$2,229.76

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$30,519
Closing costs & prepaids$11,438
Usable credit−$0
Total buyer cash needed$41,957
Earnest money paid−$0
Remaining funds due$41,957
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Initial HOA (3 months)$243.00
Prepaid interest, first (9 days)$147.49
Prepaid interest, second (9 days)$213.04

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 closing23 yr 6 moOf the original 30-year loan at 3.45%
Interest already paid$42,165Through Dec 2026
Assumption only · ends Jun 2050$103,538
Assumption + second · ends Jun 2050, second Jan 2057$285,615
New conventional · ends Jan 2057$393,826