Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,331/mo
Lowest payment
Down payment
$167,033
Funds due
$179,709
Interest + MI left
$187,545
First ends
Dec 2051
Assumption

Assumption + second

$3,189/mo
+$859/mo
Down payment
$50,033
Funds due
$64,190
Interest + MI left
$379,607
First ends
Dec 2051
New loan

New conventional

$3,623/mo
+$1,292/mo
Down payment
$50,033
Funds due
$60,958
Interest + MI left
$657,919
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$332,962$332,962$449,962
Second mortgage—$117,000—
First P&I$1,580.67$1,580.67$3,048.20
Second P&I—$858.50—
Mortgage insurance$265.23$265.23$89.99
Taxes, insurance & HOA$484.67$484.67$484.67
Total housing payment$2,330.57$3,189.07$3,622.86

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$50,033
Closing costs & prepaids$14,157
Usable credit−$0
Total buyer cash needed$64,190
Earnest money paid−$0
Remaining funds due$64,190
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.95
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)$600.00
Initial HOA (3 months)$354.00
Prepaid interest, first (9 days)$247.12
Prepaid interest, second (9 days)$230.79

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 closing25 yrOf the original 30-year loan at 3.01%
Interest already paid$53,362Through Dec 2026
Assumption only · ends Dec 2051$187,545
Assumption + second · ends Dec 2051, second Jan 2057$379,607
New conventional · ends Jan 2057$657,919