Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,897/mo
Lowest payment
Down payment
$167,272
Funds due
$178,487
Interest + MI left
$144,929
First ends
Mar 2050
Assumption

Assumption + second

$2,829/mo
+$932/mo
Down payment
$40,272
Funds due
$52,765
Interest + MI left
$353,406
First ends
Mar 2050
New loan

New conventional

$3,020/mo
+$1,123/mo
Down payment
$40,272
Funds due
$49,333
Interest + MI left
$539,413
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$228,727$228,727$355,727
Second mortgage—$127,000—
First P&I$1,223.25$1,223.25$2,462.98
Second P&I—$931.88—
Mortgage insurance$187.79$187.79$71.15
Taxes, insurance & HOA$485.58$485.58$485.58
Total housing payment$1,896.62$2,828.50$3,019.71

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,272
Closing costs & prepaids$12,493
Usable credit−$0
Total buyer cash needed$52,765
Earnest money paid−$0
Remaining funds due$52,765
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,959.99
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)$622.75
Initial HOA (3 months)$384.00
Prepaid interest, first (1 days)$23.31
Prepaid interest, second (1 days)$27.84

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 3.720%
Interest already paid$61,478Through Nov 2026
Assumption only · ends Mar 2050$144,929
Assumption + second · ends Mar 2050, second Dec 2056$353,406
New conventional · ends Dec 2056$539,413