Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,882/mo
Lowest payment
Down payment
$334,177
Funds due
$347,309
Interest + MI left
$149,377
First ends
Feb 2050
Assumption

Assumption + second

$3,859/mo
+$1,977/mo
Down payment
$58,177
Funds due
$73,087
Interest + MI left
$585,204
First ends
Feb 2050
New loan

New conventional

$4,001/mo
+$2,120/mo
Down payment
$58,177
Funds due
$69,625
Interest + MI left
$755,681
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$240,823$240,823$516,823
Second mortgage—$276,000—
First P&I$1,286.06$1,286.06$3,501.14
Second P&I—$1,977.30—
Mortgage insurance$198.89$198.89$103.36
Taxes, insurance & HOA$396.67$396.67$396.67
Total housing payment$1,881.61$3,858.91$4,001.17

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$58,177
Closing costs & prepaids$14,910
Usable credit−$0
Total buyer cash needed$73,087
Earnest money paid−$0
Remaining funds due$73,087
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Prepaid interest, first (9 days)$217.33
Prepaid interest, second (9 days)$527.42

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 2 moOf the original 30-year loan at 3.66%
Interest already paid$65,496Through Dec 2026
Assumption only · ends Feb 2050$149,377
Assumption + second · ends Feb 2050, second Jan 2057$585,204
New conventional · ends Jan 2057$755,681