Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,725/mo
Lowest payment
Down payment
$190,586
Funds due
$201,571
Interest + MI left
$138,444
First ends
Aug 2048
Assumption

Assumption + second

$2,840/mo
+$1,115/mo
Down payment
$38,586
Funds due
$51,120
Interest + MI left
$387,960
First ends
Aug 2048
New loan

New conventional

$2,796/mo
+$1,071/mo
Down payment
$38,586
Funds due
$47,778
Interest + MI left
$506,513
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$194,413$194,413$346,413
Second mortgage—$152,000—
First P&I$1,181.51$1,181.51$2,346.72
Second P&I—$1,115.32—
Mortgage insurance$163.44$163.44$69.28
Taxes, insurance & HOA$380.00$380.00$380.00
Total housing payment$1,724.96$2,840.28$2,796.00

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$38,586
Closing costs & prepaids$12,535
Usable credit−$0
Total buyer cash needed$51,120
Earnest money paid−$0
Remaining funds due$51,120
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.99
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)$462.00
Initial HOA (3 months)$228.00
Prepaid interest, first (9 days)$220.03
Prepaid interest, second (9 days)$299.84

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 closing21 yr 8 moOf the original 30-year loan at 4.59%
Interest already paid$81,822Through Dec 2026
Assumption only · ends Aug 2048$138,444
Assumption + second · ends Aug 2048, second Jan 2057$387,960
New conventional · ends Jan 2057$506,513