Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,148/mo
Lowest payment
Down payment
$205,994
Funds due
$218,519
Interest + MI left
$162,756
First ends
Jul 2050
Assumption

Assumption + second

$3,300/mo
+$1,152/mo
Down payment
$48,994
Funds due
$63,078
Interest + MI left
$420,479
First ends
Jul 2050
New loan

New conventional

$3,540/mo
+$1,392/mo
Down payment
$48,994
Funds due
$59,775
Interest + MI left
$641,168
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$281,506$281,506$438,506
Second mortgage—$157,000—
First P&I$1,434.27$1,434.27$2,970.59
Second P&I—$1,152.01—
Mortgage insurance$231.68$231.68$87.70
Taxes, insurance & HOA$481.67$481.67$481.67
Total housing payment$2,147.62$3,299.63$3,539.96

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$48,994
Closing costs & prepaids$14,084
Usable credit−$0
Total buyer cash needed$63,078
Earnest money paid−$0
Remaining funds due$63,078
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,875.00
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)$585.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$229.76
Prepaid interest, second (9 days)$309.70

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 7 moOf the original 30-year loan at 3.31%
Interest already paid$64,863Through Dec 2026
Assumption only · ends Jul 2050$162,756
Assumption + second · ends Jul 2050, second Jan 2057$420,479
New conventional · ends Jan 2057$641,168