Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,774/mo
Lowest payment
Down payment
$220,665
Funds due
$232,258
Interest + MI left
$146,109
First ends
Aug 2050
Assumption

Assumption + second

$3,043/mo
+$1,269/mo
Down payment
$47,665
Funds due
$60,546
Interest + MI left
$430,098
First ends
Aug 2050
New loan

New conventional

$3,326/mo
+$1,552/mo
Down payment
$47,665
Funds due
$57,046
Interest + MI left
$648,067
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$254,325$254,325$427,325
Second mortgage—$173,000—
First P&I$1,283.12$1,283.12$2,958.71
Second P&I—$1,269.41—
Mortgage insurance$208.58$208.58$85.46
Taxes, insurance & HOA$282.00$282.00$282.00
Total housing payment$1,773.70$3,043.11$3,326.18

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$47,665
Closing costs & prepaids$12,882
Usable credit−$0
Total buyer cash needed$60,546
Earnest money paid−$0
Remaining funds due$60,546
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.90
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)$346.00
Prepaid interest, first (1 days)$22.72
Prepaid interest, second (1 days)$37.92

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 9 moOf the original 30-year loan at 3.260%
Interest already paid$56,100Through Nov 2026
Assumption only · ends Aug 2050$146,109
Assumption + second · ends Aug 2050, second Dec 2056$430,098
New conventional · ends Dec 2056$648,067