Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,112/mo
Lowest payment
Down payment
$263,036
Funds due
$273,938
Interest + MI left
$66,367
First ends
Mar 2050
Assumption

Assumption + second

$2,717/mo
+$1,605/mo
Down payment
$39,036
Funds due
$51,616
Interest + MI left
$420,082
First ends
Mar 2050
New loan

New conventional

$2,821/mo
+$1,709/mo
Down payment
$39,036
Funds due
$48,272
Interest + MI left
$511,705
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$125,964$125,964$349,964
Second mortgage—$224,000—
First P&I$630.87$630.87$2,370.78
Second P&I—$1,604.76—
Mortgage insurance$100.89$100.89$69.99
Taxes, insurance & HOA$380.58$380.58$380.58
Total housing payment$1,112.35$2,717.11$2,821.35

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$39,036
Closing costs & prepaids$12,580
Usable credit−$0
Total buyer cash needed$51,616
Earnest money paid−$0
Remaining funds due$51,616
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$94.73
Prepaid interest, second (9 days)$428.05

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 closing23 yr 3 moOf the original 28-year loan at 3.05%
Interest already paid$19,492Through Dec 2026
Assumption only · ends Mar 2050$66,367
Assumption + second · ends Mar 2050, second Jan 2057$420,082
New conventional · ends Jan 2057$511,705