Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,325/mo
Lowest payment
Down payment
$360,819
Funds due
$372,998
Interest + MI left
$50,539
First ends
Aug 2043
Assumption

Assumption + second

$3,568/mo
+$2,242/mo
Down payment
$47,819
Funds due
$61,846
Interest + MI left
$544,793
First ends
Aug 2043
New loan

New conventional

$3,431/mo
+$2,105/mo
Down payment
$47,819
Funds due
$58,377
Interest + MI left
$624,609
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$114,181$114,181$427,181
Second mortgage—$313,000—
First P&I$754.89$754.89$2,893.87
Second P&I—$2,242.37—
Mortgage insurance$118.93$118.93$85.44
Taxes, insurance & HOA$451.67$451.67$451.67
Total housing payment$1,325.49$3,567.86$3,430.98

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$47,819
Closing costs & prepaids$14,027
Usable credit−$0
Total buyer cash needed$61,846
Earnest money paid−$0
Remaining funds due$61,846
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$98.82
Prepaid interest, second (9 days)$598.13

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 closing16 yr 8 moOf the original 30-year loan at 3.51%
Interest already paid$67,061Through Dec 2026
Assumption only · ends Aug 2043$50,539
Assumption + second · ends Aug 2043, second Jan 2057$544,793
New conventional · ends Jan 2057$624,609