Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,362/mo
Lowest payment
Down payment
$134,052
Funds due
$143,909
Interest + MI left
$111,302
First ends
Mar 2050
Assumption

Assumption + second

$2,118/mo
+$756/mo
Down payment
$31,052
Funds due
$42,363
Interest + MI left
$280,381
First ends
Mar 2050
New loan

New conventional

$2,219/mo
+$857/mo
Down payment
$31,052
Funds due
$39,131
Interest + MI left
$407,722
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$175,848$175,848$278,848
Second mortgage—$103,000—
First P&I$943.51$943.51$1,889.01
Second P&I—$755.78—
Mortgage insurance$144.66$144.66$55.77
Taxes, insurance & HOA$274.00$274.00$274.00
Total housing payment$1,362.18$2,117.96$2,218.78

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$31,052
Closing costs & prepaids$11,311
Usable credit−$0
Total buyer cash needed$42,363
Earnest money paid−$0
Remaining funds due$42,363
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$372.00
Prepaid interest, first (9 days)$161.73
Prepaid interest, second (9 days)$203.18

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 3 moOf the original 30-year loan at 3.73%
Interest already paid$48,041Through Dec 2026
Assumption only · ends Mar 2050$111,302
Assumption + second · ends Mar 2050, second Jan 2057$280,381
New conventional · ends Jan 2057$407,722