Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$535/mo
Lowest payment
Down payment
$154,583
Funds due
$163,086
Interest + MI left
$23,297
First ends
Nov 2046
Assumption

Assumption + second

$1,518/mo
+$983/mo
Down payment
$20,583
Funds due
$30,601
Interest + MI left
$243,265
First ends
Nov 2046
New loan

New conventional

$1,481/mo
+$946/mo
Down payment
$20,583
Funds due
$27,360
Interest + MI left
$262,301
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$45,417$45,417$179,417
Second mortgage—$134,000—
First P&I$263.23$263.23$1,215.43
Second P&I—$983.24—
Mortgage insurance$41.73$41.73$35.88
Taxes, insurance & HOA$230.00$230.00$230.00
Total housing payment$534.96$1,518.21$1,481.32

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$20,583
Closing costs & prepaids$10,018
Usable credit−$0
Total buyer cash needed$30,601
Earnest money paid−$0
Remaining funds due$30,601
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$240.00
Prepaid interest, first (9 days)$38.75
Prepaid interest, second (9 days)$264.33

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 closing19 yr 11 moOf the original 30-year loan at 3.46%
Interest already paid$18,355Through Dec 2026
Assumption only · ends Nov 2046$23,297
Assumption + second · ends Nov 2046, second Jan 2057$243,265
New conventional · ends Jan 2057$262,301