Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,489/mo
Lowest payment
Down payment
$184,671
Funds due
$195,799
Interest + MI left
$82,050
First ends
Mar 2051
Assumption

Assumption + second

$2,582/mo
+$1,093/mo
Down payment
$35,671
Funds due
$48,343
Interest + MI left
$326,641
First ends
Mar 2051
New loan

New conventional

$2,774/mo
+$1,284/mo
Down payment
$35,671
Funds due
$45,090
Interest + MI left
$459,538
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$165,329$165,329$314,329
Second mortgage—$149,000—
First P&I$772.39$772.39$2,129.37
Second P&I—$1,093.31—
Mortgage insurance$135.42$135.42$62.87
Taxes, insurance & HOA$581.33$581.33$581.33
Total housing payment$1,489.14$2,582.45$2,773.57

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$35,671
Closing costs & prepaids$12,672
Usable credit−$0
Total buyer cash needed$48,343
Earnest money paid−$0
Remaining funds due$48,343
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$873.99
Prepaid interest, first (9 days)$108.85
Prepaid interest, second (9 days)$293.92

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 3 moOf the original 30-year loan at 2.67%
Interest already paid$27,446Through Dec 2026
Assumption only · ends Mar 2051$82,050
Assumption + second · ends Mar 2051, second Jan 2057$326,641
New conventional · ends Jan 2057$459,538