Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,415/mo
Lowest payment
Down payment
$102,844
Funds due
$112,601
Interest + MI left
$107,584
First ends
Jun 2050
Assumption

Assumption + second

$2,010/mo
+$595/mo
Down payment
$28,844
Funds due
$40,015
Interest + MI left
$247,936
First ends
Jun 2050
New loan

New conventional

$2,106/mo
+$691/mo
Down payment
$28,844
Funds due
$36,810
Interest + MI left
$371,567
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$180,156$180,156$254,156
Second mortgage—$74,000—
First P&I$933.31$933.31$1,721.74
Second P&I—$595.42—
Mortgage insurance$148.14$148.14$50.83
Taxes, insurance & HOA$333.17$333.17$333.17
Total housing payment$1,414.62$2,010.04$2,105.74

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$28,844
Closing costs & prepaids$11,172
Usable credit−$0
Total buyer cash needed$40,015
Earnest money paid−$0
Remaining funds due$40,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,830.00
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)$339.50
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$153.26
Prepaid interest, second (9 days)$164.22

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 6 moOf the original 30-year loan at 3.45%
Interest already paid$43,813Through Dec 2026
Assumption only · ends Jun 2050$107,584
Assumption + second · ends Jun 2050, second Jan 2057$247,936
New conventional · ends Jan 2057$371,567