Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,883/mo
Lowest payment
Down payment
$193,717
Funds due
$205,322
Interest + MI left
$146,476
First ends
Jun 2050
Assumption

Assumption + second

$2,976/mo
+$1,093/mo
Down payment
$44,717
Funds due
$57,866
Interest + MI left
$391,067
First ends
Jun 2050
New loan

New conventional

$3,160/mo
+$1,277/mo
Down payment
$44,717
Funds due
$54,565
Interest + MI left
$576,428
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$245,283$245,283$394,283
Second mortgage—$149,000—
First P&I$1,270.71$1,270.71$2,671.01
Second P&I—$1,093.31—
Mortgage insurance$201.70$201.70$78.86
Taxes, insurance & HOA$410.58$410.58$410.58
Total housing payment$1,882.99$2,976.30$3,160.45

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$44,717
Closing costs & prepaids$13,149
Usable credit−$0
Total buyer cash needed$57,866
Earnest money paid−$0
Remaining funds due$57,866
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$208.66
Prepaid interest, second (9 days)$293.92

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 6 moOf the original 30-year loan at 3.45%
Interest already paid$59,651Through Dec 2026
Assumption only · ends Jun 2050$146,476
Assumption + second · ends Jun 2050, second Jan 2057$391,067
New conventional · ends Jan 2057$576,428