Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,137/mo
Lowest payment
Down payment
$163,957
Funds due
$176,129
Interest + MI left
$168,418
First ends
Jul 2051
Assumption

Assumption + second

$2,988/mo
+$851/mo
Down payment
$47,957
Funds due
$61,608
Interest + MI left
$358,838
First ends
Jul 2051
New loan

New conventional

$3,375/mo
+$1,238/mo
Down payment
$47,957
Funds due
$58,376
Interest + MI left
$619,936
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$308,043$308,043$424,043
Second mortgage—$116,000—
First P&I$1,471.04$1,471.04$2,872.61
Second P&I—$851.17—
Mortgage insurance$248.42$248.42$84.81
Taxes, insurance & HOA$417.50$417.50$417.50
Total housing payment$2,136.96$2,988.12$3,374.92

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$47,957
Closing costs & prepaids$13,651
Usable credit−$0
Total buyer cash needed$61,608
Earnest money paid−$0
Remaining funds due$61,608
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,720.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$566.50
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$224.83
Prepaid interest, second (9 days)$228.82

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 closing24 yr 7 moOf the original 30-year loan at 2.96%
Interest already paid$52,954Through Dec 2026
Assumption only · ends Jul 2051$168,418
Assumption + second · ends Jul 2051, second Jan 2057$358,838
New conventional · ends Jan 2057$619,936