Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,370/mo
Lowest payment
Down payment
$198,349
Funds due
$208,555
Interest + MI left
$120,275
First ends
Jun 2049
Assumption

Assumption + second

$2,552/mo
+$1,181/mo
Down payment
$37,349
Funds due
$48,840
Interest + MI left
$384,565
First ends
Jun 2049
New loan

New conventional

$2,606/mo
+$1,236/mo
Down payment
$37,349
Funds due
$45,428
Interest + MI left
$504,488
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$171,651$171,651$332,651
Second mortgage—$161,000—
First P&I$991.94$991.94$2,303.21
Second P&I—$1,181.36—
Mortgage insurance$141.81$141.81$66.53
Taxes, insurance & HOA$236.67$236.67$236.67
Total housing payment$1,370.42$2,551.78$2,606.41

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$37,349
Closing costs & prepaids$11,491
Usable credit−$0
Total buyer cash needed$48,840
Earnest money paid−$0
Remaining funds due$48,840
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$260.00
Prepaid interest, first (1 days)$20.27
Prepaid interest, second (1 days)$35.29

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 7 moOf the original 30-year loan at 4.310%
Interest already paid$59,727Through Nov 2026
Assumption only · ends Jun 2049$120,275
Assumption + second · ends Jun 2049, second Dec 2056$384,565
New conventional · ends Dec 2056$504,488