Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,034/mo
+$84/mo
Down payment
$36,218
Funds due
$47,911
Interest + MI left
$460,339
First ends
Jan 2054
New loan

New conventional

$2,951/mo
Lowest payment
Down payment
$40,000
Funds due
$49,532
Interest + MI left
$526,380
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$363,782$360,000
Second mortgage——
First P&I$2,421.75$2,438.77
Second P&I——
Mortgage insurance$172.55$72.00
Taxes, insurance & HOA$440.00$440.00
Total housing payment$3,034.30$2,950.77

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$36,218
Closing costs & prepaids$11,693
Usable credit−$0
Total buyer cash needed$47,911
Earnest money paid−$0
Remaining funds due$47,911
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$598.30

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 1 moOf the original 30-year loan at 6.67%
Interest already paid$72,079Through Dec 2026
Assumption only · ends Jan 2054$460,339
New conventional · ends Jan 2057$526,380