Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,643/mo
Lowest payment
Down payment
$235,519
Funds due
$247,413
Interest + MI left
$116,718
First ends
Mar 2051
Assumption

Assumption + second

$3,023/mo
+$1,379/mo
Down payment
$47,519
Funds due
$61,034
Interest + MI left
$425,330
First ends
Mar 2051
New loan

New conventional

$3,301/mo
+$1,658/mo
Down payment
$47,519
Funds due
$57,731
Interest + MI left
$617,737
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$234,481$234,481$422,481
Second mortgage—$188,000—
First P&I$1,096.65$1,096.65$2,862.03
Second P&I—$1,379.48—
Mortgage insurance$192.02$192.02$84.50
Taxes, insurance & HOA$354.67$354.67$354.67
Total housing payment$1,643.33$3,022.81$3,301.20

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$47,519
Closing costs & prepaids$13,515
Usable credit−$0
Total buyer cash needed$61,034
Earnest money paid−$0
Remaining funds due$61,034
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$564.00
Prepaid interest, first (9 days)$154.95
Prepaid interest, second (9 days)$370.85

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 closing24 yr 3 moOf the original 30-year loan at 2.68%
Interest already paid$39,067Through Dec 2026
Assumption only · ends Mar 2051$116,718
Assumption + second · ends Mar 2051, second Jan 2057$425,330
New conventional · ends Jan 2057$617,737