Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,586/mo
Lowest payment
Down payment
$234,497
Funds due
$245,770
Interest + MI left
$86,550
First ends
Jul 2046
Assumption

Assumption + second

$3,010/mo
+$1,424/mo
Down payment
$40,497
Funds due
$53,402
Interest + MI left
$405,011
First ends
Jul 2046
New loan

New conventional

$2,957/mo
+$1,371/mo
Down payment
$40,497
Funds due
$50,053
Interest + MI left
$525,653
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$165,503$165,503$359,503
Second mortgage—$194,000—
First P&I$983.32$983.32$2,435.40
Second P&I—$1,423.50—
Mortgage insurance$153.01$153.01$71.90
Taxes, insurance & HOA$450.00$450.00$450.00
Total housing payment$1,586.33$3,009.83$2,957.30

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,497
Closing costs & prepaids$12,905
Usable credit−$0
Total buyer cash needed$53,402
Earnest money paid−$0
Remaining funds due$53,402
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$420.00
Prepaid interest, first (9 days)$147.32
Prepaid interest, second (9 days)$382.68

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 closing19 yr 7 moOf the original 30-year loan at 3.61%
Interest already paid$72,402Through Dec 2026
Assumption only · ends Jul 2046$86,550
Assumption + second · ends Jul 2046, second Jan 2057$405,011
New conventional · ends Jan 2057$525,653