Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,519/mo
Lowest payment
Down payment
$201,198
Funds due
$212,409
Interest + MI left
$101,133
First ends
Aug 2051
Assumption

Assumption + second

$2,693/mo
+$1,174/mo
Down payment
$41,198
Funds due
$53,975
Interest + MI left
$363,782
First ends
Aug 2051
New loan

New conventional

$2,955/mo
+$1,437/mo
Down payment
$41,198
Funds due
$50,709
Interest + MI left
$531,866
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$203,802$203,802$363,802
Second mortgage—$160,000—
First P&I$935.53$935.53$2,464.52
Second P&I—$1,174.02—
Mortgage insurance$165.09$165.09$72.76
Taxes, insurance & HOA$418.00$418.00$418.00
Total housing payment$1,518.62$2,692.64$2,955.28

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$41,198
Closing costs & prepaids$12,776
Usable credit−$0
Total buyer cash needed$53,975
Earnest money paid−$0
Remaining funds due$53,975
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$486.00
Initial HOA (3 months)$318.00
Prepaid interest, first (9 days)$131.66
Prepaid interest, second (9 days)$315.62

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 8 moOf the original 30-year loan at 2.62%
Interest already paid$30,602Through Dec 2026
Assumption only · ends Aug 2051$101,133
Assumption + second · ends Aug 2051, second Jan 2057$363,782
New conventional · ends Jan 2057$531,866