Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,550/mo
Lowest payment
Down payment
$128,131
Funds due
$138,524
Interest + MI left
$111,053
First ends
Dec 2050
Assumption

Assumption + second

$2,307/mo
+$756/mo
Down payment
$34,131
Funds due
$45,982
Interest + MI left
$289,338
First ends
Dec 2050
New loan

New conventional

$2,489/mo
+$938/mo
Down payment
$34,131
Funds due
$42,773
Interest + MI left
$447,085
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$211,769$211,769$305,769
Second mortgage—$94,000—
First P&I$1,020.41$1,020.41$2,071.39
Second P&I—$756.35—
Mortgage insurance$173.88$173.88$61.15
Taxes, insurance & HOA$356.00$356.00$356.00
Total housing payment$1,550.29$2,306.63$2,488.54

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,131
Closing costs & prepaids$11,852
Usable credit−$0
Total buyer cash needed$45,982
Earnest money paid−$0
Remaining funds due$45,982
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$408.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$150.91
Prepaid interest, second (9 days)$208.60

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 yrOf the original 30-year loan at 2.89%
Interest already paid$39,768Through Dec 2026
Assumption only · ends Dec 2050$111,053
Assumption + second · ends Dec 2050, second Jan 2057$289,338
New conventional · ends Jan 2057$447,085