Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$687/mo
Lowest payment
Down payment
$61,957
Funds due
$69,789
Interest + MI left
$33,441
First ends
Jun 2046
Assumption

Assumption + second

$1,081/mo
+$394/mo
Down payment
$12,957
Funds due
$22,148
Interest + MI left
$126,376
First ends
Jun 2046
New loan

New conventional

$1,031/mo
+$345/mo
Down payment
$12,957
Funds due
$19,001
Interest + MI left
$163,781
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$63,043$63,043$112,043
Second mortgage—$49,000—
First P&I$378.26$378.26$759.02
Second P&I—$394.27—
Mortgage insurance$58.28$58.28$22.41
Taxes, insurance & HOA$250.00$250.00$250.00
Total housing payment$686.55$1,080.81$1,031.43

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$12,957
Closing costs & prepaids$9,191
Usable credit−$0
Total buyer cash needed$22,148
Earnest money paid−$0
Remaining funds due$22,148
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,250.00
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)$150.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$57.36
Prepaid interest, second (9 days)$108.74

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 6 moOf the original 30-year loan at 3.69%
Interest already paid$28,422Through Dec 2026
Assumption only · ends Jun 2046$33,441
Assumption + second · ends Jun 2046, second Jan 2057$126,376
New conventional · ends Jan 2057$163,781