Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,477/mo
Lowest payment
Down payment
$280,301
Funds due
$292,115
Interest + MI left
$106,651
First ends
May 2050
Assumption

Assumption + second

$3,154/mo
+$1,676/mo
Down payment
$46,301
Funds due
$59,464
Interest + MI left
$476,157
First ends
May 2050
New loan

New conventional

$3,341/mo
+$1,864/mo
Down payment
$46,301
Funds due
$55,986
Interest + MI left
$624,287
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$177,699$177,699$411,699
Second mortgage—$234,000—
First P&I$922.46$922.46$2,850.52
Second P&I—$1,676.40—
Mortgage insurance$146.06$146.06$82.34
Taxes, insurance & HOA$408.58$408.58$408.58
Total housing payment$1,477.10$3,153.51$3,341.44

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$46,301
Closing costs & prepaids$13,164
Usable credit−$0
Total buyer cash needed$59,464
Earnest money paid−$0
Remaining funds due$59,464
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,580.00
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)$275.75
Initial HOA (3 months)$450.00
Prepaid interest, first (2 days)$33.79
Prepaid interest, second (2 days)$99.37

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 6 moOf the original 30-year loan at 3.470%
Interest already paid$43,456Through Nov 2026
Assumption only · ends May 2050$106,651
Assumption + second · ends May 2050, second Dec 2056$476,157
New conventional · ends Dec 2056$624,287