Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,875/mo
Lowest payment
Down payment
$162,007
Funds due
$173,384
Interest + MI left
$137,636
First ends
Sep 2050
Assumption

Assumption + second

$2,763/mo
+$888/mo
Down payment
$41,007
Funds due
$53,873
Interest + MI left
$336,264
First ends
Sep 2050
New loan

New conventional

$3,010/mo
+$1,135/mo
Down payment
$41,007
Funds due
$50,636
Interest + MI left
$539,529
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$247,993$247,993$368,993
Second mortgage—$121,000—
First P&I$1,234.37$1,234.37$2,499.69
Second P&I—$887.86—
Mortgage insurance$203.98$203.98$73.80
Taxes, insurance & HOA$437.00$437.00$437.00
Total housing payment$1,875.35$2,763.20$3,010.49

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$41,007
Closing costs & prepaids$12,866
Usable credit−$0
Total buyer cash needed$53,873
Earnest money paid−$0
Remaining funds due$53,873
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Initial HOA (3 months)$369.00
Prepaid interest, first (9 days)$191.40
Prepaid interest, second (9 days)$238.68

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 9 moOf the original 30-year loan at 3.13%
Interest already paid$52,603Through Dec 2026
Assumption only · ends Sep 2050$137,636
Assumption + second · ends Sep 2050, second Jan 2057$336,264
New conventional · ends Jan 2057$539,529