Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,481/mo
Lowest payment
Down payment
$44,520
Funds due
$55,412
Interest + MI left
$406,395
First ends
Oct 2055
Assumption

Assumption + second

$2,757/mo
+$275/mo
Down payment
$17,520
Funds due
$29,741
Interest + MI left
$478,442
First ends
Oct 2055
New loan

New conventional

$2,676/mo
+$195/mo
Down payment
$17,520
Funds due
$26,526
Interest + MI left
$480,598
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$300,480$300,480$327,480
Second mortgage—$27,000—
First P&I$1,949.95$1,949.95$2,218.46
Second P&I—$275.13—
Mortgage insurance$139.50$139.50$65.50
Taxes, insurance & HOA$392.00$392.00$392.00
Total housing payment$2,481.45$2,756.58$2,675.96

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$17,520
Closing costs & prepaids$12,221
Usable credit−$0
Total buyer cash needed$29,741
Earnest money paid−$0
Remaining funds due$29,741
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Initial HOA (3 months)$312.00
Prepaid interest, first (9 days)$491.22
Prepaid interest, second (9 days)$79.06

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 yr 10 moOf the original 30-year loan at 6.63%
Interest already paid$23,405Through Dec 2026
Assumption only · ends Oct 2055$406,395
Assumption + second · ends Oct 2055, second Jan 2057$478,442
New conventional · ends Jan 2057$480,598