Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,677/mo
Lowest payment
Down payment
$152,072
Funds due
$162,353
Interest + MI left
$191,784
First ends
Nov 2049
Assumption

Assumption + second

$2,543/mo
+$866/mo
Down payment
$34,072
Funds due
$45,835
Interest + MI left
$385,487
First ends
Nov 2049
New loan

New conventional

$2,383/mo
+$705/mo
Down payment
$34,072
Funds due
$42,441
Interest + MI left
$439,946
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$182,928$182,928$300,928
Second mortgage—$118,000—
First P&I$1,306.60$1,306.60$2,038.59
Second P&I—$865.84—
Mortgage insurance$86.83$86.83$60.19
Taxes, insurance & HOA$284.00$284.00$284.00
Total housing payment$1,677.43$2,543.27$2,382.78

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,072
Closing costs & prepaids$11,763
Usable credit−$0
Total buyer cash needed$45,835
Earnest money paid−$0
Remaining funds due$45,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Prepaid interest, first (9 days)$303.56
Prepaid interest, second (9 days)$232.77

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 closing22 yr 11 moOf the original 25-year loan at 6.73%
Interest already paid$26,135Through Dec 2026
Assumption only · ends Nov 2049$191,784
Assumption + second · ends Nov 2049, second Jan 2057$385,487
New conventional · ends Jan 2057$439,946