Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,517/mo
Lowest payment
Down payment
$151,599
Funds due
$162,023
Interest + MI left
$110,313
First ends
Nov 2050
Assumption

Assumption + second

$2,360/mo
+$844/mo
Down payment
$36,599
Funds due
$48,323
Interest + MI left
$299,091
First ends
Nov 2050
New loan

New conventional

$2,639/mo
+$1,122/mo
Down payment
$36,599
Funds due
$44,954
Interest + MI left
$488,878
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$207,401$207,401$322,401
Second mortgage—$115,000—
First P&I$1,004.69$1,004.69$2,232.24
Second P&I—$843.83—
Mortgage insurance$170.10$170.10$64.48
Taxes, insurance & HOA$341.83$341.83$341.83
Total housing payment$1,516.62$2,360.45$2,638.55

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$36,599
Closing costs & prepaids$11,724
Usable credit−$0
Total buyer cash needed$48,323
Earnest money paid−$0
Remaining funds due$48,323
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$341.50
Initial HOA (3 months)$234.00
Prepaid interest, first (2 days)$33.41
Prepaid interest, second (2 days)$50.41

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yrOf the original 30-year loan at 2.940%
Interest already paid$39,598Through Nov 2026
Assumption only · ends Nov 2050$110,313
Assumption + second · ends Nov 2050, second Dec 2056$299,091
New conventional · ends Dec 2056$488,878