Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,798/mo
+$687/mo
Down payment
$0
Funds due
$12,051
Interest + MI left
$649,493
First ends
Feb 2054
New loan

New conventional

$3,111/mo
Lowest payment
Down payment
$44,000
Funds due
$53,682
Interest + MI left
$579,017
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$452,290$396,000
Second mortgage——
First P&I$3,235.59$2,682.64
Second P&I——
Mortgage insurance$213.34$79.20
Taxes, insurance & HOA$348.67$348.67
Total housing payment$3,797.60$3,110.51

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$12,051
Usable credit−$0
Total buyer cash needed$12,051
Earnest money paid−$0
Remaining funds due$12,051
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Initial HOA (3 months)$68.01
Prepaid interest, first (9 days)$829.74

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 2 moOf the original 30-year loan at 7.44%
Interest already paid$96,822Through Dec 2026
Assumption only · ends Feb 2054$649,493
New conventional · ends Jan 2057$579,017