Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,348/mo
Lowest payment
Down payment
$168,927
Funds due
$179,108
Interest + MI left
$86,830
First ends
Dec 2047
Assumption

Assumption + second

$2,353/mo
+$1,005/mo
Down payment
$31,927
Funds due
$43,629
Interest + MI left
$311,723
First ends
Dec 2047
New loan

New conventional

$2,345/mo
+$997/mo
Down payment
$31,927
Funds due
$40,350
Interest + MI left
$413,112
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$145,573$145,573$282,573
Second mortgage—$137,000—
First P&I$847.05$847.05$1,914.25
Second P&I—$1,005.26—
Mortgage insurance$127.21$127.21$56.51
Taxes, insurance & HOA$373.83$373.83$373.83
Total housing payment$1,348.09$2,353.35$2,344.60

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$31,927
Closing costs & prepaids$11,702
Usable credit−$0
Total buyer cash needed$43,629
Earnest money paid−$0
Remaining funds due$43,629
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,145.00
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)$377.50
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$139.99
Prepaid interest, second (9 days)$270.25

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing21 yrOf the original 30-year loan at 3.9%
Interest already paid$57,469Through Dec 2026
Assumption only · ends Dec 2047$86,830
Assumption + second · ends Dec 2047, second Jan 2057$311,723
New conventional · ends Jan 2057$413,112