Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,825/mo
Lowest payment
Down payment
$133,101
Funds due
$144,072
Interest + MI left
$147,217
First ends
Jun 2051
Assumption

Assumption + second

$2,582/mo
+$756/mo
Down payment
$39,101
Funds due
$51,531
Interest + MI left
$325,501
First ends
Jun 2051
New loan

New conventional

$2,806/mo
+$980/mo
Down payment
$39,101
Funds due
$48,299
Interest + MI left
$510,148
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$254,899$254,899$348,899
Second mortgage—$94,000—
First P&I$1,247.92$1,247.92$2,363.56
Second P&I—$756.35—
Mortgage insurance$205.17$205.17$69.78
Taxes, insurance & HOA$372.17$372.17$372.17
Total housing payment$1,825.26$2,581.60$2,805.51

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$39,101
Closing costs & prepaids$12,429
Usable credit−$0
Total buyer cash needed$51,531
Earnest money paid−$0
Remaining funds due$51,531
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,880.00
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)$465.50
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$199.24
Prepaid interest, second (9 days)$208.60

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 6 moOf the original 30-year loan at 3.17%
Interest already paid$47,605Through Dec 2026
Assumption only · ends Jun 2051$147,217
Assumption + second · ends Jun 2051, second Jan 2057$325,501
New conventional · ends Jan 2057$510,148