Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,878/mo
Lowest payment
Down payment
$121,516
Funds due
$132,234
Interest + MI left
$147,332
First ends
Aug 2050
Assumption

Assumption + second

$2,546/mo
+$668/mo
Down payment
$38,516
Funds due
$50,525
Interest + MI left
$304,753
First ends
Aug 2050
New loan

New conventional

$2,798/mo
+$920/mo
Down payment
$38,516
Funds due
$47,142
Interest + MI left
$517,815
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$258,484$258,484$341,484
Second mortgage—$83,000—
First P&I$1,300.05$1,300.05$2,364.37
Second P&I—$667.84—
Mortgage insurance$212.13$212.13$68.30
Taxes, insurance & HOA$365.75$365.75$365.75
Total housing payment$1,877.93$2,545.76$2,798.41

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$38,516
Closing costs & prepaids$12,009
Usable credit−$0
Total buyer cash needed$50,525
Earnest money paid−$0
Remaining funds due$50,525
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$479.25
Initial HOA (3 months)$168.00
Prepaid interest, first (2 days)$45.75
Prepaid interest, second (2 days)$40.93

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 closing23 yr 9 moOf the original 30-year loan at 3.230%
Interest already paid$56,513Through Nov 2026
Assumption only · ends Aug 2050$147,332
Assumption + second · ends Aug 2050, second Dec 2056$304,753
New conventional · ends Dec 2056$517,815