Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,886/mo
Lowest payment
Down payment
$175,632
Funds due
$186,892
Interest + MI left
$159,224
First ends
Mar 2050
Assumption

Assumption + second

$2,854/mo
+$969/mo
Down payment
$43,632
Funds due
$56,403
Interest + MI left
$375,909
First ends
Mar 2050
New loan

New conventional

$3,009/mo
+$1,124/mo
Down payment
$43,632
Funds due
$53,108
Interest + MI left
$563,395
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$253,368$253,368$385,368
Second mortgage—$132,000—
First P&I$1,355.38$1,355.38$2,610.62
Second P&I—$968.57—
Mortgage insurance$208.58$208.58$77.07
Taxes, insurance & HOA$321.58$321.58$321.58
Total housing payment$1,885.55$2,854.11$3,009.27

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,632
Closing costs & prepaids$12,771
Usable credit−$0
Total buyer cash needed$56,403
Earnest money paid−$0
Remaining funds due$56,403
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$514.75
Prepaid interest, first (9 days)$231.16
Prepaid interest, second (9 days)$260.38

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 3 moOf the original 30-year loan at 3.7%
Interest already paid$68,687Through Dec 2026
Assumption only · ends Mar 2050$159,224
Assumption + second · ends Mar 2050, second Jan 2057$375,909
New conventional · ends Jan 2057$563,395