Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$778/mo
Lowest payment
Down payment
$177,578
Funds due
$186,882
Interest + MI left
$48,742
First ends
Nov 2050
Assumption

Assumption + second

$1,878/mo
+$1,101/mo
Down payment
$27,578
Funds due
$38,428
Interest + MI left
$294,975
First ends
Nov 2050
New loan

New conventional

$1,941/mo
+$1,164/mo
Down payment
$27,578
Funds due
$35,167
Interest + MI left
$352,951
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$91,422$91,422$241,422
Second mortgage—$150,000—
First P&I$444.87$444.87$1,635.48
Second P&I—$1,100.65—
Mortgage insurance$75.13$75.13$48.28
Taxes, insurance & HOA$257.58$257.58$257.58
Total housing payment$777.58$1,878.22$1,941.34

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$27,578
Closing costs & prepaids$10,850
Usable credit−$0
Total buyer cash needed$38,428
Earnest money paid−$0
Remaining funds due$38,428
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,690.00
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)$322.75
Prepaid interest, first (9 days)$66.73
Prepaid interest, second (9 days)$295.89

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 11 moOf the original 30-year loan at 2.96%
Interest already paid$17,837Through Dec 2026
Assumption only · ends Nov 2050$48,742
Assumption + second · ends Nov 2050, second Jan 2057$294,975
New conventional · ends Jan 2057$352,951