Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,382/mo
Lowest payment
Down payment
$484,759
Funds due
$501,038
Interest + MI left
$187,400
First ends
Feb 2050
Assumption

Assumption + second

$5,290/mo
+$2,909/mo
Down payment
$78,759
Funds due
$97,064
Interest + MI left
$828,508
First ends
Feb 2050
New loan

New conventional

$5,449/mo
+$3,067/mo
Down payment
$78,759
Funds due
$93,426
Interest + MI left
$1,031,179
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$299,241$299,241$705,241
Second mortgage—$406,000—
First P&I$1,604.41$1,604.41$4,777.55
Second P&I—$2,908.63—
Mortgage insurance$246.90$246.90$141.05
Taxes, insurance & HOA$530.25$530.25$530.25
Total housing payment$2,381.56$5,290.20$5,448.85

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$78,759
Closing costs & prepaids$18,305
Usable credit−$0
Total buyer cash needed$97,064
Earnest money paid−$0
Remaining funds due$97,064
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,840.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$940.75
Prepaid interest, first (9 days)$273.01
Prepaid interest, second (9 days)$775.85

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 closing23 yr 2 moOf the original 30-year loan at 3.7%
Interest already paid$82,232Through Dec 2026
Assumption only · ends Feb 2050$187,400
Assumption + second · ends Feb 2050, second Jan 2057$828,508
New conventional · ends Jan 2057$1,031,179