Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,639/mo
Lowest payment
Down payment
$189,338
Funds due
$200,382
Interest + MI left
$120,394
First ends
Dec 2050
Assumption

Assumption + second

$2,725/mo
+$1,086/mo
Down payment
$41,338
Funds due
$53,664
Interest + MI left
$363,344
First ends
Dec 2050
New loan

New conventional

$3,010/mo
+$1,371/mo
Down payment
$41,338
Funds due
$50,225
Interest + MI left
$559,101
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$220,662$220,662$368,662
Second mortgage—$148,000—
First P&I$1,075.49$1,075.49$2,552.54
Second P&I—$1,085.97—
Mortgage insurance$180.23$180.23$73.73
Taxes, insurance & HOA$383.59$383.59$383.59
Total housing payment$1,639.31$2,725.28$3,009.86

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$41,338
Closing costs & prepaids$12,326
Usable credit−$0
Total buyer cash needed$53,664
Earnest money paid−$0
Remaining funds due$53,664
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$524.75
Initial HOA (3 months)$176.01
Prepaid interest, first (1 days)$18.26
Prepaid interest, second (1 days)$32.44

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 1 moOf the original 30-year loan at 3.020%
Interest already paid$42,579Through Nov 2026
Assumption only · ends Dec 2050$120,394
Assumption + second · ends Dec 2050, second Dec 2056$363,344
New conventional · ends Dec 2056$559,101