Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,484/mo
Lowest payment
Down payment
$133,146
Funds due
$143,289
Interest + MI left
$111,620
First ends
Nov 2049
Assumption

Assumption + second

$2,225/mo
+$741/mo
Down payment
$32,146
Funds due
$43,738
Interest + MI left
$277,416
First ends
Nov 2049
New loan

New conventional

$2,342/mo
+$858/mo
Down payment
$32,146
Funds due
$40,513
Interest + MI left
$420,744
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$186,754$186,754$287,754
Second mortgage—$101,000—
First P&I$993.34$993.34$1,949.35
Second P&I—$741.10—
Mortgage insurance$155.72$155.72$57.55
Taxes, insurance & HOA$335.00$335.00$335.00
Total housing payment$1,484.07$2,225.17$2,341.90

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$32,146
Closing costs & prepaids$11,592
Usable credit−$0
Total buyer cash needed$43,738
Earnest money paid−$0
Remaining funds due$43,738
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$384.00
Initial HOA (3 months)$171.00
Prepaid interest, first (9 days)$163.47
Prepaid interest, second (9 days)$199.23

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 closing22 yr 11 moOf the original 30-year loan at 3.55%
Interest already paid$51,344Through Dec 2026
Assumption only · ends Nov 2049$111,620
Assumption + second · ends Nov 2049, second Jan 2057$277,416
New conventional · ends Jan 2057$420,744