Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,964/mo
Lowest payment
Down payment
$133,948
Funds due
$145,306
Interest + MI left
$149,834
First ends
Jul 2051
Assumption

Assumption + second

$2,712/mo
+$748/mo
Down payment
$40,948
Funds due
$53,762
Interest + MI left
$326,221
First ends
Jul 2051
New loan

New conventional

$2,994/mo
+$1,030/mo
Down payment
$40,948
Funds due
$50,546
Interest + MI left
$536,691
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$274,052$274,052$367,052
Second mortgage—$93,000—
First P&I$1,308.72$1,308.72$2,486.54
Second P&I—$748.30—
Mortgage insurance$221.01$221.01$73.41
Taxes, insurance & HOA$434.17$434.17$434.17
Total housing payment$1,963.89$2,712.19$2,994.12

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,948
Closing costs & prepaids$12,814
Usable credit−$0
Total buyer cash needed$53,762
Earnest money paid−$0
Remaining funds due$53,762
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,080.00
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)$489.50
Initial HOA (3 months)$363.00
Prepaid interest, first (9 days)$200.02
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 closing24 yr 7 moOf the original 30-year loan at 2.96%
Interest already paid$47,110Through Dec 2026
Assumption only · ends Jul 2051$149,834
Assumption + second · ends Jul 2051, second Jan 2057$326,221
New conventional · ends Jan 2057$536,691