Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,075/mo
Lowest payment
Down payment
$181,174
Funds due
$191,136
Interest + MI left
$72,232
First ends
Feb 2051
Assumption

Assumption + second

$2,161/mo
+$1,086/mo
Down payment
$33,174
Funds due
$44,678
Interest + MI left
$315,182
First ends
Feb 2051
New loan

New conventional

$2,315/mo
+$1,240/mo
Down payment
$33,174
Funds due
$41,424
Interest + MI left
$426,640
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$143,826$143,826$291,826
Second mortgage—$148,000—
First P&I$677.23$677.23$1,976.93
Second P&I—$1,085.97—
Mortgage insurance$117.96$117.96$58.37
Taxes, insurance & HOA$280.00$280.00$280.00
Total housing payment$1,075.19$2,161.16$2,315.30

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$33,174
Closing costs & prepaids$11,503
Usable credit−$0
Total buyer cash needed$44,678
Earnest money paid−$0
Remaining funds due$44,678
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (9 days)$96.46
Prepaid interest, second (9 days)$291.95

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 2 moOf the original 30-year loan at 2.72%
Interest already paid$24,695Through Dec 2026
Assumption only · ends Feb 2051$72,232
Assumption + second · ends Feb 2051, second Jan 2057$315,182
New conventional · ends Jan 2057$426,640