Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,413/mo
Lowest payment
Down payment
$182,724
Funds due
$193,354
Interest + MI left
$110,916
First ends
Jul 2051
Assumption

Assumption + second

$2,470/mo
+$1,057/mo
Down payment
$38,724
Funds due
$50,888
Interest + MI left
$347,300
First ends
Jul 2051
New loan

New conventional

$2,682/mo
+$1,269/mo
Down payment
$38,724
Funds due
$47,622
Interest + MI left
$498,934
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$197,276$197,276$341,276
Second mortgage—$144,000—
First P&I$952.32$952.32$2,311.92
Second P&I—$1,056.62—
Mortgage insurance$158.78$158.78$68.26
Taxes, insurance & HOA$302.00$302.00$302.00
Total housing payment$1,413.09$2,469.71$2,682.18

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$38,724
Closing costs & prepaids$12,164
Usable credit−$0
Total buyer cash needed$50,888
Earnest money paid−$0
Remaining funds due$50,888
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Prepaid interest, first (9 days)$148.85
Prepaid interest, second (9 days)$284.05

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 closing24 yr 7 moOf the original 30-year loan at 3.06%
Interest already paid$35,022Through Dec 2026
Assumption only · ends Jul 2051$110,916
Assumption + second · ends Jul 2051, second Jan 2057$347,300
New conventional · ends Jan 2057$498,934