Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,390/mo
Lowest payment
Down payment
$191,451
Funds due
$202,152
Interest + MI left
$96,327
First ends
Sep 2050
Assumption

Assumption + second

$2,520/mo
+$1,130/mo
Down payment
$37,451
Funds due
$49,705
Interest + MI left
$349,126
First ends
Sep 2050
New loan

New conventional

$2,683/mo
+$1,292/mo
Down payment
$37,451
Funds due
$46,433
Interest + MI left
$485,949
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$178,349$178,349$332,349
Second mortgage—$154,000—
First P&I$878.49$878.49$2,251.45
Second P&I—$1,130.00—
Mortgage insurance$147.03$147.03$66.47
Taxes, insurance & HOA$364.92$364.92$364.92
Total housing payment$1,390.43$2,520.43$2,682.83

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$37,451
Closing costs & prepaids$12,255
Usable credit−$0
Total buyer cash needed$49,705
Earnest money paid−$0
Remaining funds due$49,705
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,698.00
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)$443.75
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$133.25
Prepaid interest, second (9 days)$303.78

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 3.03%
Interest already paid$36,666Through Dec 2026
Assumption only · ends Sep 2050$96,327
Assumption + second · ends Sep 2050, second Jan 2057$349,126
New conventional · ends Jan 2057$485,949