Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,684/mo
Lowest payment
Down payment
$212,446
Funds due
$223,958
Interest + MI left
$114,478
First ends
Apr 2051
Assumption

Assumption + second

$2,917/mo
+$1,233/mo
Down payment
$44,446
Funds due
$57,245
Interest + MI left
$390,259
First ends
Apr 2051
New loan

New conventional

$3,239/mo
+$1,555/mo
Down payment
$44,446
Funds due
$53,776
Interest + MI left
$592,223
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$222,554$222,554$390,554
Second mortgage—$168,000—
First P&I$1,046.01$1,046.01$2,704.12
Second P&I—$1,232.72—
Mortgage insurance$181.02$181.02$78.11
Taxes, insurance & HOA$456.75$456.75$456.75
Total housing payment$1,683.79$2,916.51$3,238.98

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$44,446
Closing costs & prepaids$12,799
Usable credit−$0
Total buyer cash needed$57,245
Earnest money paid−$0
Remaining funds due$57,245
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$461.25
Initial HOA (3 months)$459.00
Prepaid interest, first (1 days)$16.89
Prepaid interest, second (1 days)$36.82

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 5 moOf the original 30-year loan at 2.770%
Interest already paid$37,076Through Nov 2026
Assumption only · ends Apr 2051$114,478
Assumption + second · ends Apr 2051, second Dec 2056$390,259
New conventional · ends Dec 2056$592,223