Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,015/mo
Lowest payment
Down payment
$160,934
Funds due
$172,668
Interest + MI left
$145,936
First ends
Jan 2051
Assumption

Assumption + second

$2,873/mo
+$859/mo
Down payment
$43,934
Funds due
$57,149
Interest + MI left
$337,998
First ends
Jan 2051
New loan

New conventional

$3,179/mo
+$1,164/mo
Down payment
$43,934
Funds due
$53,913
Interest + MI left
$564,269
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$268,966$268,966$385,966
Second mortgage—$117,000—
First P&I$1,308.14$1,308.14$2,614.67
Second P&I—$858.50—
Mortgage insurance$219.78$219.78$77.19
Taxes, insurance & HOA$487.00$487.00$487.00
Total housing payment$2,014.91$2,873.42$3,178.86

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,934
Closing costs & prepaids$13,215
Usable credit−$0
Total buyer cash needed$57,149
Earnest money paid−$0
Remaining funds due$57,149
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$516.00
Initial HOA (3 months)$495.00
Prepaid interest, first (9 days)$198.96
Prepaid interest, second (9 days)$230.79

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 closing24 yr 1 moOf the original 30-year loan at 3%
Interest already paid$51,568Through Dec 2026
Assumption only · ends Jan 2051$145,936
Assumption + second · ends Jan 2051, second Jan 2057$337,998
New conventional · ends Jan 2057$564,269