Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,836/mo
Lowest payment
Down payment
$54,361
Funds due
$66,497
Interest + MI left
$420,785
First ends
Apr 2056
Assumption

Assumption + second

$3,152/mo
+$316/mo
Down payment
$23,361
Funds due
$36,838
Interest + MI left
$503,505
First ends
Apr 2056
New loan

New conventional

$3,422/mo
+$586/mo
Down payment
$23,361
Funds due
$33,707
Interest + MI left
$624,568
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$394,639$394,639$425,639
Second mortgage—$31,000—
First P&I$2,199.71$2,199.71$2,883.43
Second P&I—$315.89—
Mortgage insurance$182.58$182.58$85.13
Taxes, insurance & HOA$453.58$453.58$453.58
Total housing payment$2,835.87$3,151.76$3,422.14

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$23,361
Closing costs & prepaids$13,477
Usable credit−$0
Total buyer cash needed$36,838
Earnest money paid−$0
Remaining funds due$36,838
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$538.75
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$510.87
Prepaid interest, second (9 days)$90.77

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 closing29 yr 4 moOf the original 30-year loan at 5.25%
Interest already paid$13,886Through Dec 2026
Assumption only · ends Apr 2056$420,785
Assumption + second · ends Apr 2056, second Jan 2057$503,505
New conventional · ends Jan 2057$624,568