Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,693/mo
Lowest payment
Down payment
$143,314
Funds due
$154,202
Interest + MI left
$123,182
First ends
May 2051
Assumption

Assumption + second

$2,463/mo
+$770/mo
Down payment
$38,314
Funds due
$50,659
Interest + MI left
$295,545
First ends
May 2051
New loan

New conventional

$2,766/mo
+$1,073/mo
Down payment
$38,314
Funds due
$47,460
Interest + MI left
$499,601
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$236,686$236,686$341,686
Second mortgage—$105,000—
First P&I$1,117.27$1,117.27$2,314.70
Second P&I—$770.45—
Mortgage insurance$192.36$192.36$68.34
Taxes, insurance & HOA$383.00$383.00$383.00
Total housing payment$1,692.63$2,463.08$2,766.04

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$38,314
Closing costs & prepaids$12,345
Usable credit−$0
Total buyer cash needed$50,659
Earnest money paid−$0
Remaining funds due$50,659
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$243.00
Prepaid interest, first (9 days)$163.99
Prepaid interest, second (9 days)$207.12

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 5 moOf the original 30-year loan at 2.81%
Interest already paid$39,982Through Dec 2026
Assumption only · ends May 2051$123,182
Assumption + second · ends May 2051, second Jan 2057$295,545
New conventional · ends Jan 2057$499,601