Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,290/mo
Lowest payment
Down payment
$137,292
Funds due
$147,025
Interest + MI left
$100,768
First ends
Sep 2049
Assumption

Assumption + second

$2,075/mo
+$785/mo
Down payment
$30,292
Funds due
$41,486
Interest + MI left
$276,414
First ends
Sep 2049
New loan

New conventional

$2,150/mo
+$860/mo
Down payment
$30,292
Funds due
$38,250
Interest + MI left
$394,211
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$162,608$162,608$269,608
Second mortgage—$107,000—
First P&I$884.55$884.55$1,826.42
Second P&I—$785.13—
Mortgage insurance$135.62$135.62$53.92
Taxes, insurance & HOA$270.00$270.00$270.00
Total housing payment$1,290.17$2,075.30$2,150.34

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$30,292
Closing costs & prepaids$11,195
Usable credit−$0
Total buyer cash needed$41,486
Earnest money paid−$0
Remaining funds due$41,486
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Prepaid interest, first (9 days)$149.55
Prepaid interest, second (9 days)$211.07

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 closing22 yr 9 moOf the original 30-year loan at 3.73%
Interest already paid$48,096Through Dec 2026
Assumption only · ends Sep 2049$100,768
Assumption + second · ends Sep 2049, second Jan 2057$276,414
New conventional · ends Jan 2057$394,211