Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,527/mo
Lowest payment
Down payment
$133,814
Funds due
$144,266
Interest + MI left
$102,151
First ends
Feb 2050
Assumption

Assumption + second

$2,290/mo
+$763/mo
Down payment
$29,814
Funds due
$41,721
Interest + MI left
$272,872
First ends
Feb 2050
New loan

New conventional

$2,375/mo
+$848/mo
Down payment
$29,814
Funds due
$38,488
Interest + MI left
$387,746
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$161,186$161,186$265,186
Second mortgage—$104,000—
First P&I$868.53$868.53$1,796.46
Second P&I—$763.12—
Mortgage insurance$132.84$132.84$53.04
Taxes, insurance & HOA$526.00$526.00$526.00
Total housing payment$1,527.37$2,290.48$2,375.50

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$29,814
Closing costs & prepaids$11,907
Usable credit−$0
Total buyer cash needed$41,721
Earnest money paid−$0
Remaining funds due$41,721
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Initial HOA (3 months)$774.00
Prepaid interest, first (9 days)$149.04
Prepaid interest, second (9 days)$205.15

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 2 moOf the original 30-year loan at 3.75%
Interest already paid$44,866Through Dec 2026
Assumption only · ends Feb 2050$102,151
Assumption + second · ends Feb 2050, second Jan 2057$272,872
New conventional · ends Jan 2057$387,746