Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,319/mo
Lowest payment
Down payment
$103,246
Funds due
$112,872
Interest + MI left
$95,268
First ends
Sep 2050
Assumption

Assumption + second

$1,922/mo
+$603/mo
Down payment
$28,246
Funds due
$39,288
Interest + MI left
$237,516
First ends
Sep 2050
New loan

New conventional

$2,043/mo
+$725/mo
Down payment
$28,246
Funds due
$36,093
Interest + MI left
$360,600
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$171,654$171,654$246,654
Second mortgage—$75,000—
First P&I$854.39$854.39$1,670.92
Second P&I—$603.47—
Mortgage insurance$141.19$141.19$49.33
Taxes, insurance & HOA$323.00$323.00$323.00
Total housing payment$1,318.58$1,922.05$2,043.25

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$28,246
Closing costs & prepaids$11,042
Usable credit−$0
Total buyer cash needed$39,288
Earnest money paid−$0
Remaining funds due$39,288
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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)$330.00
Initial HOA (3 months)$189.00
Prepaid interest, first (9 days)$132.48
Prepaid interest, second (9 days)$166.44

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 9 moOf the original 30-year loan at 3.13%
Interest already paid$36,410Through Dec 2026
Assumption only · ends Sep 2050$95,268
Assumption + second · ends Sep 2050, second Jan 2057$237,516
New conventional · ends Jan 2057$360,600