Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,478/mo
Lowest payment
Down payment
$266,625
Funds due
$277,907
Interest + MI left
$116,381
First ends
Sep 2049
Assumption

Assumption + second

$3,061/mo
+$1,583/mo
Down payment
$45,625
Funds due
$58,250
Interest + MI left
$465,358
First ends
Sep 2049
New loan

New conventional

$3,200/mo
+$1,722/mo
Down payment
$45,625
Funds due
$54,776
Interest + MI left
$611,665
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$182,375$182,375$403,375
Second mortgage—$221,000—
First P&I$1,000.51$1,000.51$2,792.89
Second P&I—$1,583.27—
Mortgage insurance$151.35$151.35$80.68
Taxes, insurance & HOA$326.08$326.08$326.08
Total housing payment$1,477.94$3,061.21$3,199.65

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$45,625
Closing costs & prepaids$12,625
Usable credit−$0
Total buyer cash needed$58,250
Earnest money paid−$0
Remaining funds due$58,250
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$312.25
Initial HOA (3 months)$216.00
Prepaid interest, first (2 days)$38.37
Prepaid interest, second (2 days)$93.85

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 closing22 yr 10 moOf the original 30-year loan at 3.840%
Interest already paid$54,744Through Nov 2026
Assumption only · ends Sep 2049$116,381
Assumption + second · ends Sep 2049, second Dec 2056$465,358
New conventional · ends Dec 2056$611,665