Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,405/mo
Lowest payment
Down payment
$135,944
Funds due
$149,199
Interest + MI left
$558,688
First ends
Feb 2054
Assumption

Assumption + second

$4,073/mo
+$668/mo
Down payment
$52,944
Funds due
$67,633
Interest + MI left
$716,109
First ends
Feb 2054
New loan

New conventional

$3,731/mo
+$326/mo
Down payment
$52,944
Funds due
$63,991
Interest + MI left
$690,224
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$389,056$389,056$472,056
Second mortgage—$83,000—
First P&I$2,783.22$2,783.22$3,197.87
Second P&I—$667.84—
Mortgage insurance$183.52$183.52$94.41
Taxes, insurance & HOA$438.67$438.67$438.67
Total housing payment$3,405.41$4,073.24$3,730.95

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$52,944
Closing costs & prepaids$14,689
Usable credit−$0
Total buyer cash needed$67,633
Earnest money paid−$0
Remaining funds due$67,633
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$713.73
Prepaid interest, second (9 days)$184.19

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$83,286Through Dec 2026
Assumption only · ends Feb 2054$558,688
Assumption + second · ends Feb 2054, second Jan 2057$716,109
New conventional · ends Jan 2057$690,224