Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,554/mo
Lowest payment
Down payment
$199,487
Funds due
$210,541
Interest + MI left
$115,968
First ends
Nov 2050
Assumption

Assumption + second

$2,706/mo
+$1,152/mo
Down payment
$42,487
Funds due
$55,101
Interest + MI left
$373,692
First ends
Nov 2050
New loan

New conventional

$2,929/mo
+$1,375/mo
Down payment
$42,487
Funds due
$51,821
Interest + MI left
$547,525
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$217,513$217,513$374,513
Second mortgage—$157,000—
First P&I$1,058.44$1,058.44$2,537.08
Second P&I—$1,152.01—
Mortgage insurance$178.74$178.74$74.90
Taxes, insurance & HOA$316.83$316.83$316.83
Total housing payment$1,554.01$2,706.02$2,928.82

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,487
Closing costs & prepaids$12,614
Usable credit−$0
Total buyer cash needed$55,101
Earnest money paid−$0
Remaining funds due$55,101
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,170.00
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)$500.50
Prepaid interest, first (9 days)$158.75
Prepaid interest, second (9 days)$309.70

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 closing23 yr 11 moOf the original 30-year loan at 2.96%
Interest already paid$42,439Through Dec 2026
Assumption only · ends Nov 2050$115,968
Assumption + second · ends Nov 2050, second Jan 2057$373,692
New conventional · ends Jan 2057$547,525