Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,821/mo
Lowest payment
Down payment
$205,744
Funds due
$222,073
Interest + MI left
$303,640
First ends
Jun 2050
Assumption

Assumption + second

$4,760/mo
+$939/mo
Down payment
$77,744
Funds due
$95,575
Interest + MI left
$513,759
First ends
Jun 2050
New loan

New conventional

$5,390/mo
+$1,569/mo
Down payment
$77,744
Funds due
$92,306
Interest + MI left
$1,019,504
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$569,256$569,256$697,256
Second mortgage—$128,000—
First P&I$2,821.41$2,821.41$4,723.46
Second P&I—$939.22—
Mortgage insurance$472.81$472.81$139.45
Taxes, insurance & HOA$526.67$526.67$526.67
Total housing payment$3,820.89$4,760.11$5,389.57

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$77,744
Closing costs & prepaids$17,831
Usable credit−$0
Total buyer cash needed$95,575
Earnest money paid−$0
Remaining funds due$95,575
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$930.00
Prepaid interest, first (9 days)$423.90
Prepaid interest, second (9 days)$252.49

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 6 moOf the original 30-year loan at 3.02%
Interest already paid$121,826Through Dec 2026
Assumption only · ends Jun 2050$303,640
Assumption + second · ends Jun 2050, second Jan 2057$513,759
New conventional · ends Jan 2057$1,019,504