Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,688/mo
Lowest payment
Down payment
$116,718
Funds due
$127,253
Interest + MI left
$123,357
First ends
Oct 2050
Assumption

Assumption + second

$2,348/mo
+$660/mo
Down payment
$34,718
Funds due
$46,685
Interest + MI left
$278,881
First ends
Oct 2050
New loan

New conventional

$2,544/mo
+$856/mo
Down payment
$34,718
Funds due
$43,485
Interest + MI left
$453,684
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$228,282$228,282$310,282
Second mortgage—$82,000—
First P&I$1,120.57$1,120.57$2,101.96
Second P&I—$659.79—
Mortgage insurance$187.79$187.79$62.06
Taxes, insurance & HOA$380.00$380.00$380.00
Total housing payment$1,688.36$2,348.15$2,544.01

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,718
Closing costs & prepaids$11,967
Usable credit−$0
Total buyer cash needed$46,685
Earnest money paid−$0
Remaining funds due$46,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$169.99
Prepaid interest, second (9 days)$181.97

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 10 moOf the original 30-year loan at 3.02%
Interest already paid$46,096Through Dec 2026
Assumption only · ends Oct 2050$123,357
Assumption + second · ends Oct 2050, second Jan 2057$278,881
New conventional · ends Jan 2057$453,684