Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,630/mo
Lowest payment
Down payment
$171,974
Funds due
$182,962
Interest + MI left
$116,840
First ends
Oct 2050
Assumption

Assumption + second

$2,599/mo
+$969/mo
Down payment
$39,974
Funds due
$52,472
Interest + MI left
$333,525
First ends
Oct 2050
New loan

New conventional

$2,825/mo
+$1,195/mo
Down payment
$39,974
Funds due
$49,221
Interest + MI left
$511,726
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$218,026$218,026$350,026
Second mortgage—$132,000—
First P&I$1,066.85$1,066.85$2,371.20
Second P&I—$968.57—
Mortgage insurance$179.47$179.47$70.01
Taxes, insurance & HOA$384.00$384.00$384.00
Total housing payment$1,630.32$2,598.89$2,825.20

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$39,974
Closing costs & prepaids$12,498
Usable credit−$0
Total buyer cash needed$52,472
Earnest money paid−$0
Remaining funds due$52,472
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$160.74
Prepaid interest, second (9 days)$260.38

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 10 moOf the original 30-year loan at 2.99%
Interest already paid$43,603Through Dec 2026
Assumption only · ends Oct 2050$116,840
Assumption + second · ends Oct 2050, second Jan 2057$333,525
New conventional · ends Jan 2057$511,726