Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$512/mo
Lowest payment
Down payment
$108,069
Funds due
$116,108
Interest + MI left
$25,412
First ends
Jun 2048
Assumption

Assumption + second

$1,260/mo
+$748/mo
Down payment
$15,069
Funds due
$24,565
Interest + MI left
$201,800
First ends
Jun 2048
New loan

New conventional

$1,164/mo
+$652/mo
Down payment
$15,069
Funds due
$21,347
Interest + MI left
$189,929
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$36,931$36,931$129,931
Second mortgage—$93,000—
First P&I$222.82$222.82$880.20
Second P&I—$748.30—
Mortgage insurance$31.30$31.30$25.99
Taxes, insurance & HOA$258.00$258.00$258.00
Total housing payment$512.12$1,260.42$1,164.18

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$15,069
Closing costs & prepaids$9,496
Usable credit−$0
Total buyer cash needed$24,565
Earnest money paid−$0
Remaining funds due$24,565
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,450.00
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)$174.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$40.61
Prepaid interest, second (9 days)$206.38

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 closing21 yr 6 moOf the original 30-year loan at 4.46%
Interest already paid$15,475Through Dec 2026
Assumption only · ends Jun 2048$25,412
Assumption + second · ends Jun 2048, second Jan 2057$201,800
New conventional · ends Jan 2057$189,929