Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,076/mo
Lowest payment
Down payment
$199,204
Funds due
$211,647
Interest + MI left
$153,359
First ends
May 2051
Assumption

Assumption + second

$3,169/mo
+$1,093/mo
Down payment
$50,204
Funds due
$64,191
Interest + MI left
$397,950
First ends
May 2051
New loan

New conventional

$3,559/mo
+$1,483/mo
Down payment
$50,204
Funds due
$60,938
Interest + MI left
$657,675
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$300,795$300,795$449,795
Second mortgage—$149,000—
First P&I$1,409.15$1,409.15$3,047.07
Second P&I—$1,093.31—
Mortgage insurance$244.82$244.82$89.96
Taxes, insurance & HOA$421.67$421.67$421.67
Total housing payment$2,075.63$3,168.94$3,558.69

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$50,204
Closing costs & prepaids$13,987
Usable credit−$0
Total buyer cash needed$64,191
Earnest money paid−$0
Remaining funds due$64,191
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
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)$600.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$203.22
Prepaid interest, second (9 days)$293.92

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 2.74%
Interest already paid$49,584Through Dec 2026
Assumption only · ends May 2051$153,359
Assumption + second · ends May 2051, second Jan 2057$397,950
New conventional · ends Jan 2057$657,675