Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,711/mo
Lowest payment
Down payment
$181,584
Funds due
$192,573
Interest + MI left
$131,028
First ends
May 2050
Assumption

Assumption + second

$2,745/mo
+$1,035/mo
Down payment
$40,584
Funds due
$52,854
Interest + MI left
$362,487
First ends
May 2050
New loan

New conventional

$2,958/mo
+$1,247/mo
Down payment
$40,584
Funds due
$49,419
Interest + MI left
$544,855
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$218,316$218,316$359,316
Second mortgage—$141,000—
First P&I$1,133.31$1,133.31$2,487.83
Second P&I—$1,034.61—
Mortgage insurance$179.44$179.44$71.86
Taxes, insurance & HOA$398.00$398.00$398.00
Total housing payment$1,710.75$2,745.36$2,957.69

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,584
Closing costs & prepaids$12,270
Usable credit−$0
Total buyer cash needed$52,854
Earnest money paid−$0
Remaining funds due$52,854
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$489.00
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$20.75
Prepaid interest, second (1 days)$30.90

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.470%
Interest already paid$53,388Through Nov 2026
Assumption only · ends May 2050$131,028
Assumption + second · ends May 2050, second Dec 2056$362,487
New conventional · ends Dec 2056$544,855