Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,217/mo
Lowest payment
Down payment
$40,780
Funds due
$53,871
Interest + MI left
$706,378
First ends
Jul 2063
New loan

New conventional

$3,615/mo
+$398/mo
Down payment
$49,590
Funds due
$60,524
Interest + MI left
$652,579
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$455,120$446,310
Second mortgage——
First P&I$2,500.92$3,023.46
Second P&I——
Mortgage insurance$213.72$89.26
Taxes, insurance & HOA$502.00$502.00
Total housing payment$3,216.64$3,614.72

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,780
Closing costs & prepaids$13,091
Usable credit−$0
Total buyer cash needed$53,871
Earnest money paid−$0
Remaining funds due$53,871
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,959.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$595.00
Initial HOA (3 months)$411.00
Prepaid interest, first (9 days)$650.88

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 closing36 yr 7 moOf the original 40-year loan at 5.8%
Interest already paid$91,360Through Dec 2026
Assumption only · ends Jul 2063$706,378
New conventional · ends Jan 2057$652,579