Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,661/mo
Lowest payment
Down payment
$209,136
Funds due
$220,611
Interest + MI left
$116,934
First ends
Jun 2051
Assumption

Assumption + second

$2,872/mo
+$1,211/mo
Down payment
$44,136
Funds due
$57,186
Interest + MI left
$387,790
First ends
Jun 2051
New loan

New conventional

$3,142/mo
+$1,481/mo
Down payment
$44,136
Funds due
$53,913
Interest + MI left
$578,817
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$230,863$230,863$395,863
Second mortgage—$165,000—
First P&I$1,090.89$1,090.89$2,681.71
Second P&I—$1,210.71—
Mortgage insurance$189.28$189.28$79.17
Taxes, insurance & HOA$381.00$381.00$381.00
Total housing payment$1,661.17$2,871.88$3,141.89

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$44,136
Closing costs & prepaids$13,050
Usable credit−$0
Total buyer cash needed$57,186
Earnest money paid−$0
Remaining funds due$57,186
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.99
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)$528.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$156.54
Prepaid interest, second (9 days)$325.48

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 6 moOf the original 30-year loan at 2.75%
Interest already paid$37,945Through Dec 2026
Assumption only · ends Jun 2051$116,934
Assumption + second · ends Jun 2051, second Jan 2057$387,790
New conventional · ends Jan 2057$578,817