Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,235/mo
Lowest payment
Down payment
$122,839
Funds due
$134,581
Interest + MI left
$166,240
First ends
Aug 2051
Assumption

Assumption + second

$2,879/mo
+$644/mo
Down payment
$42,839
Funds due
$55,870
Interest + MI left
$317,971
First ends
Aug 2051
New loan

New conventional

$3,278/mo
+$1,044/mo
Down payment
$42,839
Funds due
$52,458
Interest + MI left
$579,573
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$302,161$302,161$382,161
Second mortgage—$80,000—
First P&I$1,436.34$1,436.34$2,646.01
Second P&I—$643.70—
Mortgage insurance$242.56$242.56$76.43
Taxes, insurance & HOA$555.92$555.92$555.92
Total housing payment$2,234.82$2,878.52$3,278.35

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,839
Closing costs & prepaids$13,031
Usable credit−$0
Total buyer cash needed$55,870
Earnest money paid−$0
Remaining funds due$55,870
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$773.75
Initial HOA (3 months)$444.00
Prepaid interest, first (2 days)$49.01
Prepaid interest, second (2 days)$39.45

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 9 moOf the original 30-year loan at 2.960%
Interest already paid$50,216Through Nov 2026
Assumption only · ends Aug 2051$166,240
Assumption + second · ends Aug 2051, second Dec 2056$317,971
New conventional · ends Dec 2056$579,573