Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,012/mo
Lowest payment
Down payment
$61,614
Funds due
$75,558
Interest + MI left
$649,811
First ends
Dec 2054
Assumption

Assumption + second

$4,349/mo
+$336/mo
Down payment
$28,614
Funds due
$43,904
Interest + MI left
$737,869
First ends
Dec 2054
New loan

New conventional

$4,260/mo
+$248/mo
Down payment
$28,614
Funds due
$40,615
Interest + MI left
$794,505
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$508,376$508,376$541,376
Second mortgage—$33,000—
First P&I$3,289.28$3,289.28$3,667.47
Second P&I—$336.27—
Mortgage insurance$238.52$238.52$108.28
Taxes, insurance & HOA$484.67$484.67$484.67
Total housing payment$4,012.46$4,348.73$4,260.41

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$28,614
Closing costs & prepaids$15,290
Usable credit−$0
Total buyer cash needed$43,904
Earnest money paid−$0
Remaining funds due$43,904
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,699.90
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)$684.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$814.79
Prepaid interest, second (9 days)$96.63

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 closing28 yrOf the original 30-year loan at 6.5%
Interest already paid$66,920Through Dec 2026
Assumption only · ends Dec 2054$649,811
Assumption + second · ends Dec 2054, second Jan 2057$737,869
New conventional · ends Jan 2057$794,505