Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,887/mo
Lowest payment
Down payment
$328,200
Funds due
$341,316
Interest + MI left
$150,781
First ends
Aug 2051
Assumption

Assumption + second

$3,807/mo
+$1,920/mo
Down payment
$60,200
Funds due
$74,623
Interest + MI left
$573,975
First ends
Aug 2051
New loan

New conventional

$4,218/mo
+$2,331/mo
Down payment
$60,200
Funds due
$71,001
Interest + MI left
$818,567
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$271,750$271,750$539,750
Second mortgage—$268,000—
First P&I$1,296.01$1,296.01$3,737.12
Second P&I—$1,919.98—
Mortgage insurance$218.02$218.02$107.95
Taxes, insurance & HOA$373.08$373.08$373.08
Total housing payment$1,887.11$3,807.10$4,218.15

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$60,200
Closing costs & prepaids$14,423
Usable credit−$0
Total buyer cash needed$74,623
Earnest money paid−$0
Remaining funds due$74,623
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.50
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)$619.25
Prepaid interest, first (1 days)$22.26
Prepaid interest, second (1 days)$56.90

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 closing24 yr 9 moOf the original 30-year loan at 2.990%
Interest already paid$45,606Through Nov 2026
Assumption only · ends Aug 2051$150,781
Assumption + second · ends Aug 2051, second Dec 2056$573,975
New conventional · ends Dec 2056$818,567