Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,745/mo
Lowest payment
Down payment
$166,489
Funds due
$177,620
Interest + MI left
$127,710
First ends
May 2050
Assumption

Assumption + second

$2,684/mo
+$939/mo
Down payment
$38,489
Funds due
$51,123
Interest + MI left
$337,829
First ends
May 2050
New loan

New conventional

$2,840/mo
+$1,095/mo
Down payment
$38,489
Funds due
$47,858
Interest + MI left
$499,346
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$213,511$213,511$341,511
Second mortgage—$128,000—
First P&I$1,110.92$1,110.92$2,313.51
Second P&I—$939.22—
Mortgage insurance$175.89$175.89$68.30
Taxes, insurance & HOA$458.00$458.00$458.00
Total housing payment$1,744.82$2,684.04$2,839.82

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$38,489
Closing costs & prepaids$12,634
Usable credit−$0
Total buyer cash needed$51,123
Earnest money paid−$0
Remaining funds due$51,123
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$468.00
Prepaid interest, first (9 days)$182.68
Prepaid interest, second (9 days)$252.49

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 5 moOf the original 30-year loan at 3.47%
Interest already paid$52,952Through Dec 2026
Assumption only · ends May 2050$127,710
Assumption + second · ends May 2050, second Jan 2057$337,829
New conventional · ends Jan 2057$499,346