Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$485/mo
Lowest payment
Down payment
$416,005
Funds due
$427,274
Interest + MI left
$13,573
First ends
Mar 2052
Assumption

Assumption + second

$3,157/mo
+$2,672/mo
Down payment
$43,005
Funds due
$56,237
Interest + MI left
$602,571
First ends
Mar 2052
New loan

New conventional

$3,080/mo
+$2,595/mo
Down payment
$43,005
Funds due
$52,705
Interest + MI left
$561,464
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$10,995$10,995$383,995
Second mortgage—$373,000—
First P&I$77.64$77.64$2,601.32
Second P&I—$2,672.22—
Mortgage insurance$5.22$5.22$76.80
Taxes, insurance & HOA$401.83$401.83$401.83
Total housing payment$484.69$3,156.91$3,079.95

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,005
Closing costs & prepaids$13,232
Usable credit−$0
Total buyer cash needed$56,237
Earnest money paid−$0
Remaining funds due$56,237
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,270.00
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)$512.50
Initial HOA (3 months)$243.00
Prepaid interest, first (9 days)$19.06
Prepaid interest, second (9 days)$712.79

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 closing25 yr 3 moOf the original 28-year loan at 7.03%
Interest already paid$2,166Through Dec 2026
Assumption only · ends Mar 2052$13,573
Assumption + second · ends Mar 2052, second Jan 2057$602,571
New conventional · ends Jan 2057$561,464