Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,016/mo
Lowest payment
Down payment
$78,601
Funds due
$87,604
Interest + MI left
$50,321
First ends
Oct 2050
Assumption

Assumption + second

$1,507/mo
+$491/mo
Down payment
$17,601
Funds due
$27,989
Interest + MI left
$166,016
First ends
Oct 2050
New loan

New conventional

$1,567/mo
+$551/mo
Down payment
$17,601
Funds due
$24,837
Interest + MI left
$229,997
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$96,299$96,299$157,299
Second mortgage—$61,000—
First P&I$466.76$466.76$1,065.60
Second P&I—$490.82—
Mortgage insurance$79.43$79.43$31.46
Taxes, insurance & HOA$470.00$470.00$470.00
Total housing payment$1,016.19$1,507.01$1,567.06

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$17,601
Closing costs & prepaids$10,388
Usable credit−$0
Total buyer cash needed$27,989
Earnest money paid−$0
Remaining funds due$27,989
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,749.00
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)$210.00
Initial HOA (3 months)$750.00
Prepaid interest, first (9 days)$68.86
Prepaid interest, second (9 days)$135.37

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 10 moOf the original 30-year loan at 2.9%
Interest already paid$18,699Through Dec 2026
Assumption only · ends Oct 2050$50,321
Assumption + second · ends Oct 2050, second Jan 2057$166,016
New conventional · ends Jan 2057$229,997