Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$831/mo
Lowest payment
Down payment
$186,702
Funds due
$196,042
Interest + MI left
$56,743
First ends
May 2048
Assumption

Assumption + second

$1,998/mo
+$1,167/mo
Down payment
$27,702
Funds due
$38,606
Interest + MI left
$317,749
First ends
May 2048
New loan

New conventional

$1,948/mo
+$1,117/mo
Down payment
$27,702
Funds due
$35,303
Interest + MI left
$354,231
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$83,298$83,298$242,298
Second mortgage—$159,000—
First P&I$502.38$502.38$1,641.41
Second P&I—$1,166.69—
Mortgage insurance$70.81$70.81$48.46
Taxes, insurance & HOA$258.00$258.00$258.00
Total housing payment$831.19$1,997.88$1,947.87

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$27,702
Closing costs & prepaids$10,904
Usable credit−$0
Total buyer cash needed$38,606
Earnest money paid−$0
Remaining funds due$38,606
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$324.00
Prepaid interest, first (9 days)$90.99
Prepaid interest, second (9 days)$313.64

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 closing21 yr 5 moOf the original 30-year loan at 4.43%
Interest already paid$35,074Through Dec 2026
Assumption only · ends May 2048$56,743
Assumption + second · ends May 2048, second Jan 2057$317,749
New conventional · ends Jan 2057$354,231