Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,132/mo
Lowest payment
Down payment
$228,195
Funds due
$238,770
Interest + MI left
$46,217
First ends
Mar 2046
Assumption

Assumption + second

$2,571/mo
+$1,438/mo
Down payment
$32,195
Funds due
$44,406
Interest + MI left
$367,961
First ends
Mar 2046
New loan

New conventional

$2,495/mo
+$1,363/mo
Down payment
$32,195
Funds due
$41,068
Interest + MI left
$413,451
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$86,805$86,805$282,805
Second mortgage—$196,000—
First P&I$528.60$528.60$1,915.82
Second P&I—$1,438.18—
Mortgage insurance$80.75$80.75$56.56
Taxes, insurance & HOA$523.00$523.00$523.00
Total housing payment$1,132.35$2,570.53$2,495.38

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$32,195
Closing costs & prepaids$12,211
Usable credit−$0
Total buyer cash needed$44,406
Earnest money paid−$0
Remaining funds due$44,406
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$741.00
Prepaid interest, first (9 days)$80.48
Prepaid interest, second (9 days)$386.63

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 3 moOf the original 30-year loan at 3.76%
Interest already paid$40,994Through Dec 2026
Assumption only · ends Mar 2046$46,217
Assumption + second · ends Mar 2046, second Jan 2057$367,961
New conventional · ends Jan 2057$413,451