Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,105/mo
Lowest payment
Down payment
$263,751
Funds due
$276,646
Interest + MI left
$168,119
First ends
Mar 2050
Assumption

Assumption + second

$3,609/mo
+$1,504/mo
Down payment
$53,751
Funds due
$68,297
Interest + MI left
$499,726
First ends
Mar 2050
New loan

New conventional

$3,780/mo
+$1,675/mo
Down payment
$53,751
Funds due
$64,908
Interest + MI left
$696,353
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$266,248$266,248$476,248
Second mortgage—$210,000—
First P&I$1,427.13$1,427.13$3,226.27
Second P&I—$1,504.47—
Mortgage insurance$219.08$219.08$95.25
Taxes, insurance & HOA$458.67$458.67$458.67
Total housing payment$2,104.88$3,609.34$3,780.19

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$53,751
Closing costs & prepaids$14,547
Usable credit−$0
Total buyer cash needed$68,297
Earnest money paid−$0
Remaining funds due$68,297
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$636.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$244.22
Prepaid interest, second (9 days)$401.30

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 3 moOf the original 30-year loan at 3.72%
Interest already paid$72,552Through Dec 2026
Assumption only · ends Mar 2050$168,119
Assumption + second · ends Mar 2050, second Jan 2057$499,726
New conventional · ends Jan 2057$696,353