Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,789/mo
Lowest payment
Down payment
$134,563
Funds due
$145,503
Interest + MI left
$130,071
First ends
Nov 2050
Assumption

Assumption + second

$2,561/mo
+$772/mo
Down payment
$38,563
Funds due
$50,966
Interest + MI left
$312,149
First ends
Nov 2050
New loan

New conventional

$2,777/mo
+$988/mo
Down payment
$38,563
Funds due
$47,744
Interest + MI left
$499,023
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$245,337$245,337$341,337
Second mortgage—$96,000—
First P&I$1,191.31$1,191.31$2,312.34
Second P&I—$772.44—
Mortgage insurance$201.70$201.70$68.27
Taxes, insurance & HOA$396.00$396.00$396.00
Total housing payment$1,789.01$2,561.44$2,776.60

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$38,563
Closing costs & prepaids$12,403
Usable credit−$0
Total buyer cash needed$50,966
Earnest money paid−$0
Remaining funds due$50,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$177.85
Prepaid interest, second (9 days)$213.04

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 11 moOf the original 30-year loan at 2.94%
Interest already paid$47,556Through Dec 2026
Assumption only · ends Nov 2050$130,071
Assumption + second · ends Nov 2050, second Jan 2057$312,149
New conventional · ends Jan 2057$499,023