Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,793/mo
Lowest payment
Down payment
$223,894
Funds due
$235,765
Interest + MI left
$130,516
First ends
Oct 2050
Assumption

Assumption + second

$3,084/mo
+$1,291/mo
Down payment
$47,894
Funds due
$61,054
Interest + MI left
$419,429
First ends
Oct 2050
New loan

New conventional

$3,418/mo
+$1,626/mo
Down payment
$47,894
Funds due
$57,553
Interest + MI left
$647,735
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$251,106$251,106$427,106
Second mortgage—$176,000—
First P&I$1,210.31$1,210.31$2,957.20
Second P&I—$1,291.43—
Mortgage insurance$206.77$206.77$85.42
Taxes, insurance & HOA$375.50$375.50$375.50
Total housing payment$1,792.57$3,084.00$3,418.12

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$47,894
Closing costs & prepaids$13,160
Usable credit−$0
Total buyer cash needed$61,054
Earnest money paid−$0
Remaining funds due$61,054
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$368.50
Initial HOA (3 months)$258.00
Prepaid interest, first (1 days)$19.74
Prepaid interest, second (1 days)$38.58

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 11 moOf the original 30-year loan at 2.870%
Interest already paid$47,555Through Nov 2026
Assumption only · ends Oct 2050$130,516
Assumption + second · ends Oct 2050, second Dec 2056$419,429
New conventional · ends Dec 2056$647,735