Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,726/mo
Lowest payment
Down payment
$170,329
Funds due
$181,550
Interest + MI left
$124,359
First ends
Apr 2051
Assumption

Assumption + second

$2,665/mo
+$939/mo
Down payment
$42,329
Funds due
$55,052
Interest + MI left
$334,478
First ends
Apr 2051
New loan

New conventional

$2,976/mo
+$1,251/mo
Down payment
$42,329
Funds due
$51,821
Interest + MI left
$544,817
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$244,661$244,661$372,661
Second mortgage—$128,000—
First P&I$1,148.94$1,148.94$2,524.54
Second P&I—$939.22—
Mortgage insurance$199.61$199.61$74.53
Taxes, insurance & HOA$377.00$377.00$377.00
Total housing payment$1,725.54$2,664.76$2,976.07

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,329
Closing costs & prepaids$12,724
Usable credit−$0
Total buyer cash needed$55,052
Earnest money paid−$0
Remaining funds due$55,052
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.90
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)$498.00
Initial HOA (3 months)$183.00
Prepaid interest, first (9 days)$165.30
Prepaid interest, second (9 days)$252.49

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 4 moOf the original 30-year loan at 2.74%
Interest already paid$40,988Through Dec 2026
Assumption only · ends Apr 2051$124,359
Assumption + second · ends Apr 2051, second Jan 2057$334,478
New conventional · ends Jan 2057$544,817