Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,672/mo
Lowest payment
Down payment
$194,881
Funds due
$206,276
Interest + MI left
$116,621
First ends
Apr 2051
Assumption

Assumption + second

$2,788/mo
+$1,115/mo
Down payment
$42,881
Funds due
$55,826
Interest + MI left
$366,137
First ends
Apr 2051
New loan

New conventional

$3,070/mo
+$1,398/mo
Down payment
$42,881
Funds due
$52,569
Interest + MI left
$558,721
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$230,119$230,119$382,119
Second mortgage—$152,000—
First P&I$1,079.47$1,079.47$2,588.61
Second P&I—$1,115.32—
Mortgage insurance$187.78$187.78$76.42
Taxes, insurance & HOA$405.00$405.00$405.00
Total housing payment$1,672.26$2,787.58$3,070.03

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,881
Closing costs & prepaids$12,945
Usable credit−$0
Total buyer cash needed$55,826
Earnest money paid−$0
Remaining funds due$55,826
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$154.90
Prepaid interest, second (9 days)$299.84

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 4 moOf the original 30-year loan at 2.73%
Interest already paid$38,415Through Dec 2026
Assumption only · ends Apr 2051$116,621
Assumption + second · ends Apr 2051, second Jan 2057$366,137
New conventional · ends Jan 2057$558,721