Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,929/mo
Lowest payment
Down payment
$222,981
Funds due
$234,995
Interest + MI left
$149,367
First ends
Jun 2050
Assumption

Assumption + second

$3,205/mo
+$1,277/mo
Down payment
$48,981
Funds due
$62,283
Interest + MI left
$434,997
First ends
Jun 2050
New loan

New conventional

$3,475/mo
+$1,547/mo
Down payment
$48,981
Funds due
$58,769
Interest + MI left
$653,582
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$257,018$257,018$431,018
Second mortgage—$174,000—
First P&I$1,312.20$1,312.20$2,984.28
Second P&I—$1,276.75—
Mortgage insurance$211.43$211.43$86.20
Taxes, insurance & HOA$405.00$405.00$405.00
Total housing payment$1,928.63$3,205.39$3,475.49

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$48,981
Closing costs & prepaids$13,302
Usable credit−$0
Total buyer cash needed$62,283
Earnest money paid−$0
Remaining funds due$62,283
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$505.00
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$23.45
Prepaid interest, second (1 days)$38.14

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 7 moOf the original 30-year loan at 3.330%
Interest already paid$59,564Through Nov 2026
Assumption only · ends Jun 2050$149,367
Assumption + second · ends Jun 2050, second Dec 2056$434,997
New conventional · ends Dec 2056$653,582