Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,761/mo
Lowest payment
Down payment
$259,157
Funds due
$271,173
Interest + MI left
$118,671
First ends
Nov 2047
Assumption

Assumption + second

$3,287/mo
+$1,526/mo
Down payment
$46,157
Funds due
$59,830
Interest + MI left
$455,015
First ends
Nov 2047
New loan

New conventional

$3,302/mo
+$1,541/mo
Down payment
$46,157
Funds due
$56,452
Interest + MI left
$604,781
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$200,620$200,620$413,620
Second mortgage—$213,000—
First P&I$1,168.24$1,168.24$2,802.01
Second P&I—$1,525.96—
Mortgage insurance$175.87$175.87$82.72
Taxes, insurance & HOA$417.25$417.25$417.25
Total housing payment$1,761.36$3,287.32$3,301.98

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$46,157
Closing costs & prepaids$13,674
Usable credit−$0
Total buyer cash needed$59,830
Earnest money paid−$0
Remaining funds due$59,830
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,597.77
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)$551.75
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$191.94
Prepaid interest, second (9 days)$407.03

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 closing20 yr 11 moOf the original 30-year loan at 3.88%
Interest already paid$79,673Through Dec 2026
Assumption only · ends Nov 2047$118,671
Assumption + second · ends Nov 2047, second Jan 2057$455,015
New conventional · ends Jan 2057$604,781