Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,277/mo
Lowest payment
Down payment
$189,928
Funds due
$199,919
Interest + MI left
$35,313
First ends
Jul 2039
Assumption

Assumption + second

$2,465/mo
+$1,189/mo
Down payment
$27,928
Funds due
$39,488
Interest + MI left
$301,244
First ends
Jul 2039
New loan

New conventional

$2,162/mo
+$885/mo
Down payment
$27,928
Funds due
$36,173
Interest + MI left
$353,706
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$79,972$79,972$241,972
Second mortgage—$162,000—
First P&I$707.40$707.40$1,639.20
Second P&I—$1,188.70—
Mortgage insurance$95.28$95.28$48.39
Taxes, insurance & HOA$474.00$474.00$474.00
Total housing payment$1,276.68$2,465.38$2,161.60

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$27,928
Closing costs & prepaids$11,561
Usable credit−$0
Total buyer cash needed$39,488
Earnest money paid−$0
Remaining funds due$39,488
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$324.00
Initial HOA (3 months)$648.00
Prepaid interest, first (9 days)$95.05
Prepaid interest, second (9 days)$319.56

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 closing12 yr 7 moOf the original 30-year loan at 4.82%
Interest already paid$93,300Through Dec 2026
Assumption only · ends Jul 2039$35,313
Assumption + second · ends Jul 2039, second Jan 2057$301,244
New conventional · ends Jan 2057$353,706