Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,979/mo
Lowest payment
Down payment
$211,887
Funds due
$223,315
Interest + MI left
$124,217
First ends
Jan 2046
Assumption

Assumption + second

$3,204/mo
+$1,225/mo
Down payment
$44,887
Funds due
$57,894
Interest + MI left
$398,357
First ends
Jan 2046
New loan

New conventional

$3,119/mo
+$1,140/mo
Down payment
$44,887
Funds due
$54,555
Interest + MI left
$585,031
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$233,113$233,113$400,113
Second mortgage—$167,000—
First P&I$1,432.82$1,432.82$2,710.50
Second P&I—$1,225.39—
Mortgage insurance$217.81$217.81$80.02
Taxes, insurance & HOA$328.00$328.00$328.00
Total housing payment$1,978.63$3,204.02$3,118.53

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$44,887
Closing costs & prepaids$13,007
Usable credit−$0
Total buyer cash needed$57,894
Earnest money paid−$0
Remaining funds due$57,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Prepaid interest, first (9 days)$218.42
Prepaid interest, second (9 days)$329.42

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 closing19 yr 1 moOf the original 30-year loan at 3.8%
Interest already paid$113,312Through Dec 2026
Assumption only · ends Jan 2046$124,217
Assumption + second · ends Jan 2046, second Jan 2057$398,357
New conventional · ends Jan 2057$585,031