Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,075/mo
Lowest payment
Down payment
$213,874
Funds due
$226,324
Interest + MI left
$154,070
First ends
May 2051
Assumption

Assumption + second

$3,264/mo
+$1,189/mo
Down payment
$51,874
Funds due
$65,645
Interest + MI left
$420,002
First ends
May 2051
New loan

New conventional

$3,703/mo
+$1,627/mo
Down payment
$51,874
Funds due
$62,144
Interest + MI left
$693,171
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$295,126$295,126$457,126
Second mortgage—$162,000—
First P&I$1,389.84$1,389.84$3,165.05
Second P&I—$1,188.70—
Mortgage insurance$239.28$239.28$91.43
Taxes, insurance & HOA$446.25$446.25$446.25
Total housing payment$2,075.37$3,264.07$3,702.72

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$51,874
Closing costs & prepaids$13,770
Usable credit−$0
Total buyer cash needed$65,645
Earnest money paid−$0
Remaining funds due$65,645
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,090.00
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)$442.75
Initial HOA (3 months)$396.00
Prepaid interest, first (2 days)$45.44
Prepaid interest, second (2 days)$71.01

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 yr 6 moOf the original 30-year loan at 2.810%
Interest already paid$49,045Through Nov 2026
Assumption only · ends May 2051$154,070
Assumption + second · ends May 2051, second Dec 2056$420,002
New conventional · ends Dec 2056$693,171