Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,029/mo
Lowest payment
Down payment
$134,743
Funds due
$145,899
Interest + MI left
$172,027
First ends
Jul 2051
Assumption

Assumption + second

$2,761/mo
+$732/mo
Down payment
$43,743
Funds due
$56,172
Interest + MI left
$344,622
First ends
Jul 2051
New loan

New conventional

$3,103/mo
+$1,074/mo
Down payment
$43,743
Funds due
$52,715
Interest + MI left
$585,556
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$295,157$295,157$386,157
Second mortgage—$91,000—
First P&I$1,440.10$1,440.10$2,673.67
Second P&I—$732.21—
Mortgage insurance$236.47$236.47$77.23
Taxes, insurance & HOA$352.25$352.25$352.25
Total housing payment$2,028.82$2,761.03$3,103.15

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,743
Closing costs & prepaids$12,429
Usable credit−$0
Total buyer cash needed$56,172
Earnest money paid−$0
Remaining funds due$56,172
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$261.75
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$25.72
Prepaid interest, second (1 days)$22.44

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 8 moOf the original 30-year loan at 3.180%
Interest already paid$53,483Through Nov 2026
Assumption only · ends Jul 2051$172,027
Assumption + second · ends Jul 2051, second Dec 2056$344,622
New conventional · ends Dec 2056$585,556