Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,152/mo
Lowest payment
Down payment
$90,125
Funds due
$104,762
Interest + MI left
$627,124
First ends
Jun 2054
Assumption

Assumption + second

$4,418/mo
+$266/mo
Down payment
$57,125
Funds due
$73,085
Interest + MI left
$689,713
First ends
Jun 2054
New loan

New conventional

$4,280/mo
+$128/mo
Down payment
$57,125
Funds due
$69,491
Interest + MI left
$742,597
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$474,875$474,875$507,875
Second mortgage—$33,000—
First P&I$3,190.51$3,190.51$3,440.52
Second P&I—$265.53—
Mortgage insurance$223.85$223.85$101.58
Taxes, insurance & HOA$737.67$737.67$737.67
Total housing payment$4,152.03$4,417.55$4,279.76

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$57,125
Closing costs & prepaids$15,960
Usable credit−$0
Total buyer cash needed$73,085
Earnest money paid−$0
Remaining funds due$73,085
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Initial HOA (3 months)$1,035.00
Prepaid interest, first (9 days)$798.57
Prepaid interest, second (9 days)$73.23

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$82,190Through Dec 2026
Assumption only · ends Jun 2054$627,124
Assumption + second · ends Jun 2054, second Jan 2057$689,713
New conventional · ends Jan 2057$742,597