Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,598/mo
Lowest payment
Down payment
$123,830
Funds due
$134,348
Interest + MI left
$122,374
First ends
Dec 2051
Assumption

Assumption + second

$2,314/mo
+$716/mo
Down payment
$34,830
Funds due
$46,795
Interest + MI left
$291,175
First ends
Dec 2051
New loan

New conventional

$2,552/mo
+$954/mo
Down payment
$34,830
Funds due
$43,594
Interest + MI left
$457,906
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$224,170$224,170$313,170
Second mortgage—$89,000—
First P&I$1,051.42$1,051.42$2,121.52
Second P&I—$716.11—
Mortgage insurance$178.93$178.93$62.63
Taxes, insurance & HOA$367.50$367.50$367.50
Total housing payment$1,597.84$2,313.96$2,551.65

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,830
Closing costs & prepaids$11,965
Usable credit−$0
Total buyer cash needed$46,795
Earnest money paid−$0
Remaining funds due$46,795
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,480.00
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)$417.50
Initial HOA (3 months)$234.99
Prepaid interest, first (9 days)$160.30
Prepaid interest, second (9 days)$197.51

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 closing25 yrOf the original 30-year loan at 2.9%
Interest already paid$34,650Through Dec 2026
Assumption only · ends Dec 2051$122,374
Assumption + second · ends Dec 2051, second Jan 2057$291,175
New conventional · ends Jan 2057$457,906