Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,319/mo
Lowest payment
Down payment
$153,925
Funds due
$164,094
Interest + MI left
$103,277
First ends
Oct 2051
Assumption

Assumption + second

$2,193/mo
+$873/mo
Down payment
$34,925
Funds due
$46,579
Interest + MI left
$298,621
First ends
Oct 2051
New loan

New conventional

$2,414/mo
+$1,094/mo
Down payment
$34,925
Funds due
$43,349
Interest + MI left
$446,009
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$186,075$186,075$305,075
Second mortgage—$119,000—
First P&I$884.44$884.44$2,066.68
Second P&I—$873.18—
Mortgage insurance$148.97$148.97$61.01
Taxes, insurance & HOA$286.00$286.00$286.00
Total housing payment$1,319.41$2,192.59$2,413.70

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,925
Closing costs & prepaids$11,654
Usable credit−$0
Total buyer cash needed$46,579
Earnest money paid−$0
Remaining funds due$46,579
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Prepaid interest, first (9 days)$136.73
Prepaid interest, second (9 days)$234.74

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 10 moOf the original 30-year loan at 2.98%
Interest already paid$30,594Through Dec 2026
Assumption only · ends Oct 2051$103,277
Assumption + second · ends Oct 2051, second Jan 2057$298,621
New conventional · ends Jan 2057$446,009