Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,660/mo
Lowest payment
Down payment
$167,205
Funds due
$177,845
Interest + MI left
$134,840
First ends
Mar 2050
Assumption

Assumption + second

$2,606/mo
+$947/mo
Down payment
$38,205
Funds due
$50,123
Interest + MI left
$346,601
First ends
Mar 2050
New loan

New conventional

$2,779/mo
+$1,119/mo
Down payment
$38,205
Funds due
$46,710
Interest + MI left
$516,839
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$211,795$211,795$340,795
Second mortgage—$129,000—
First P&I$1,134.97$1,134.97$2,359.60
Second P&I—$946.56—
Mortgage insurance$173.81$173.81$68.16
Taxes, insurance & HOA$350.92$350.92$350.92
Total housing payment$1,659.69$2,606.25$2,778.67

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$38,205
Closing costs & prepaids$11,918
Usable credit−$0
Total buyer cash needed$50,123
Earnest money paid−$0
Remaining funds due$50,123
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$257.75
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$21.70
Prepaid interest, second (1 days)$28.27

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 4 moOf the original 30-year loan at 3.740%
Interest already paid$57,219Through Nov 2026
Assumption only · ends Mar 2050$134,840
Assumption + second · ends Mar 2050, second Dec 2056$346,601
New conventional · ends Dec 2056$516,839