Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,674/mo
Lowest payment
Down payment
$98,964
Funds due
$110,715
Interest + MI left
$372,823
First ends
Apr 2053
Assumption

Assumption + second

$3,125/mo
+$451/mo
Down payment
$42,964
Funds due
$56,090
Interest + MI left
$479,035
First ends
Apr 2053
New loan

New conventional

$3,072/mo
+$398/mo
Down payment
$42,964
Funds due
$52,659
Interest + MI left
$558,454
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$325,936$325,936$381,936
Second mortgage—$56,000—
First P&I$2,109.43$2,109.43$2,587.37
Second P&I—$450.59—
Mortgage insurance$156.69$156.69$76.39
Taxes, insurance & HOA$408.00$408.00$408.00
Total housing payment$2,674.12$3,124.71$3,071.75

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,964
Closing costs & prepaids$13,126
Usable credit−$0
Total buyer cash needed$56,090
Earnest money paid−$0
Remaining funds due$56,090
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.00
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)$510.00
Initial HOA (3 months)$264.00
Prepaid interest, first (9 days)$503.91
Prepaid interest, second (9 days)$124.27

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 closing26 yr 4 moOf the original 30-year loan at 6.27%
Interest already paid$76,876Through Dec 2026
Assumption only · ends Apr 2053$372,823
Assumption + second · ends Apr 2053, second Jan 2057$479,035
New conventional · ends Jan 2057$558,454