Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,176/mo
Lowest payment
Down payment
$82,464
Funds due
$96,694
Interest + MI left
$680,821
First ends
Jun 2054
Assumption

Assumption + second

$4,706/mo
+$530/mo
Down payment
$30,464
Funds due
$46,096
Interest + MI left
$819,578
First ends
Jun 2054
New loan

New conventional

$4,427/mo
+$251/mo
Down payment
$30,464
Funds due
$42,727
Interest + MI left
$832,896
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$515,536$515,536$567,536
Second mortgage—$52,000—
First P&I$3,463.70$3,463.70$3,844.69
Second P&I—$529.88—
Mortgage insurance$243.02$243.02$113.51
Taxes, insurance & HOA$469.16$469.16$469.16
Total housing payment$4,175.88$4,705.76$4,427.36

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$30,464
Closing costs & prepaids$15,632
Usable credit−$0
Total buyer cash needed$46,096
Earnest money paid−$0
Remaining funds due$46,096
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,980.00
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)$717.50
Initial HOA (3 months)$189.99
Prepaid interest, first (9 days)$866.95
Prepaid interest, second (9 days)$152.26

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing27 yr 6 moOf the original 30-year loan at 6.82%
Interest already paid$89,228Through Dec 2026
Assumption only · ends Jun 2054$680,821
Assumption + second · ends Jun 2054, second Jan 2057$819,578
New conventional · ends Jan 2057$832,896