Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,043/mo
Lowest payment
Down payment
$184,877
Funds due
$197,151
Interest + MI left
$159,174
First ends
Dec 2051
Assumption

Assumption + second

$3,041/mo
+$998/mo
Down payment
$48,877
Funds due
$62,669
Interest + MI left
$382,425
First ends
Dec 2051
New loan

New conventional

$3,433/mo
+$1,390/mo
Down payment
$48,877
Funds due
$59,415
Interest + MI left
$628,825
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$294,123$294,123$430,123
Second mortgage—$136,000—
First P&I$1,374.96$1,374.96$2,913.80
Second P&I—$997.92—
Mortgage insurance$234.89$234.89$86.02
Taxes, insurance & HOA$433.58$433.58$433.58
Total housing payment$2,043.43$3,041.35$3,433.41

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$48,877
Closing costs & prepaids$13,792
Usable credit−$0
Total buyer cash needed$62,669
Earnest money paid−$0
Remaining funds due$62,669
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$574.75
Initial HOA (3 months)$225.99
Prepaid interest, first (9 days)$208.14
Prepaid interest, second (9 days)$268.27

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 2.87%
Interest already paid$45,006Through Dec 2026
Assumption only · ends Dec 2051$159,174
Assumption + second · ends Dec 2051, second Jan 2057$382,425
New conventional · ends Jan 2057$628,825