Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,846/mo
Lowest payment
Down payment
$251,609
Funds due
$263,828
Interest + MI left
$138,159
First ends
Aug 2050
Assumption

Assumption + second

$3,293/mo
+$1,447/mo
Down payment
$49,609
Funds due
$63,121
Interest + MI left
$457,134
First ends
Aug 2050
New loan

New conventional

$3,593/mo
+$1,748/mo
Down payment
$49,609
Funds due
$59,601
Interest + MI left
$673,949
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$242,391$242,391$444,391
Second mortgage—$202,000—
First P&I$1,219.11$1,219.11$3,076.87
Second P&I—$1,447.15—
Mortgage insurance$198.92$198.92$88.88
Taxes, insurance & HOA$427.67$427.67$427.67
Total housing payment$1,845.70$3,292.85$3,593.42

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$49,609
Closing costs & prepaids$13,512
Usable credit−$0
Total buyer cash needed$63,121
Earnest money paid−$0
Remaining funds due$63,121
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,940.00
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)$465.00
Initial HOA (3 months)$318.00
Prepaid interest, first (1 days)$21.45
Prepaid interest, second (1 days)$42.89

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 3.230%
Interest already paid$52,995Through Nov 2026
Assumption only · ends Aug 2050$138,159
Assumption + second · ends Aug 2050, second Dec 2056$457,134
New conventional · ends Dec 2056$673,949