Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,744/mo
Lowest payment
Down payment
$215,466
Funds due
$227,101
Interest + MI left
$126,568
First ends
Jul 2050
Assumption

Assumption + second

$2,999/mo
+$1,255/mo
Down payment
$44,466
Funds due
$57,688
Interest + MI left
$407,274
First ends
Jul 2050
New loan

New conventional

$3,182/mo
+$1,438/mo
Down payment
$44,466
Funds due
$54,377
Interest + MI left
$576,874
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$223,534$223,534$394,534
Second mortgage—$171,000—
First P&I$1,129.55$1,129.55$2,672.71
Second P&I—$1,254.74—
Mortgage insurance$184.31$184.31$78.91
Taxes, insurance & HOA$430.58$430.58$430.58
Total housing payment$1,744.44$2,999.18$3,182.20

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$44,466
Closing costs & prepaids$13,222
Usable credit−$0
Total buyer cash needed$57,688
Earnest money paid−$0
Remaining funds due$57,688
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$178.03
Prepaid interest, second (9 days)$337.32

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 7 moOf the original 30-year loan at 3.23%
Interest already paid$50,309Through Dec 2026
Assumption only · ends Jul 2050$126,568
Assumption + second · ends Jul 2050, second Jan 2057$407,274
New conventional · ends Jan 2057$576,874