Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,629/mo
Lowest payment
Down payment
$149,114
Funds due
$159,654
Interest + MI left
$127,226
First ends
Jul 2049
Assumption

Assumption + second

$2,473/mo
+$844/mo
Down payment
$34,114
Funds due
$46,131
Interest + MI left
$316,005
First ends
Jul 2049
New loan

New conventional

$2,524/mo
+$896/mo
Down payment
$34,114
Funds due
$42,862
Interest + MI left
$447,256
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$190,886$190,886$305,886
Second mortgage—$115,000—
First P&I$1,079.14$1,079.14$2,072.18
Second P&I—$843.83—
Mortgage insurance$158.57$158.57$61.18
Taxes, insurance & HOA$391.00$391.00$391.00
Total housing payment$1,628.72$2,472.54$2,524.36

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,114
Closing costs & prepaids$12,017
Usable credit−$0
Total buyer cash needed$46,131
Earnest money paid−$0
Remaining funds due$46,131
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
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$192.04
Prepaid interest, second (9 days)$226.85

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 closing22 yr 7 moOf the original 30-year loan at 4.08%
Interest already paid$63,060Through Dec 2026
Assumption only · ends Jul 2049$127,226
Assumption + second · ends Jul 2049, second Jan 2057$316,005
New conventional · ends Jan 2057$447,256