Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,695/mo
Lowest payment
Down payment
$214,940
Funds due
$226,268
Interest + MI left
$127,288
First ends
Jul 2050
Assumption

Assumption + second

$2,950/mo
+$1,255/mo
Down payment
$43,940
Funds due
$56,556
Interest + MI left
$407,993
First ends
Jul 2050
New loan

New conventional

$3,196/mo
+$1,500/mo
Down payment
$43,940
Funds due
$53,089
Interest + MI left
$599,135
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$224,060$224,060$395,060
Second mortgage—$171,000—
First P&I$1,129.55$1,129.55$2,735.32
Second P&I—$1,254.74—
Mortgage insurance$184.31$184.31$79.01
Taxes, insurance & HOA$381.25$381.25$381.25
Total housing payment$1,695.11$2,949.85$3,195.58

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,940
Closing costs & prepaids$12,616
Usable credit−$0
Total buyer cash needed$56,556
Earnest money paid−$0
Remaining funds due$56,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$378.75
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$19.83
Prepaid interest, second (1 days)$37.48

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 8 moOf the original 30-year loan at 3.230%
Interest already paid$49,706Through Nov 2026
Assumption only · ends Jul 2050$127,288
Assumption + second · ends Jul 2050, second Dec 2056$407,993
New conventional · ends Dec 2056$599,135