Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,461/mo
Lowest payment
Down payment
$153,216
Funds due
$163,377
Interest + MI left
$114,707
First ends
Oct 2048
Assumption

Assumption + second

$2,349/mo
+$888/mo
Down payment
$32,216
Funds due
$43,866
Interest + MI left
$313,335
First ends
Oct 2048
New loan

New conventional

$2,324/mo
+$863/mo
Down payment
$32,216
Funds due
$40,575
Interest + MI left
$413,420
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$161,784$161,784$282,784
Second mortgage—$121,000—
First P&I$973.47$973.47$1,915.68
Second P&I—$887.86—
Mortgage insurance$135.61$135.61$56.56
Taxes, insurance & HOA$352.00$352.00$352.00
Total housing payment$1,461.09$2,348.94$2,324.23

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$32,216
Closing costs & prepaids$11,650
Usable credit−$0
Total buyer cash needed$43,866
Earnest money paid−$0
Remaining funds due$43,866
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$228.00
Prepaid interest, first (9 days)$180.71
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 closing21 yr 10 moOf the original 30-year loan at 4.53%
Interest already paid$65,733Through Dec 2026
Assumption only · ends Oct 2048$114,707
Assumption + second · ends Oct 2048, second Jan 2057$313,335
New conventional · ends Jan 2057$413,420