Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,481/mo
Lowest payment
Down payment
$157,162
Funds due
$167,320
Interest + MI left
$118,348
First ends
Oct 2049
Assumption

Assumption + second

$2,376/mo
+$895/mo
Down payment
$35,162
Funds due
$46,596
Interest + MI left
$318,618
First ends
Oct 2049
New loan

New conventional

$2,512/mo
+$1,030/mo
Down payment
$35,162
Funds due
$43,211
Interest + MI left
$469,828
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$187,838$187,838$309,838
Second mortgage—$122,000—
First P&I$1,021.08$1,021.08$2,145.26
Second P&I—$895.19—
Mortgage insurance$155.79$155.79$61.97
Taxes, insurance & HOA$304.34$304.34$304.34
Total housing payment$1,481.21$2,376.41$2,511.56

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$35,162
Closing costs & prepaids$11,434
Usable credit−$0
Total buyer cash needed$46,596
Earnest money paid−$0
Remaining funds due$46,596
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$254.00
Initial HOA (3 months)$209.01
Prepaid interest, first (1 days)$19.40
Prepaid interest, second (1 days)$26.74

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 closing22 yr 11 moOf the original 30-year loan at 3.770%
Interest already paid$54,688Through Nov 2026
Assumption only · ends Oct 2049$118,348
Assumption + second · ends Oct 2049, second Dec 2056$318,618
New conventional · ends Dec 2056$469,828