Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$544/mo
Lowest payment
Down payment
$414,097
Funds due
$425,483
Interest + MI left
$20,101
First ends
May 2053
Assumption

Assumption + second

$3,202/mo
+$2,658/mo
Down payment
$43,097
Funds due
$56,442
Interest + MI left
$605,942
First ends
May 2053
New loan

New conventional

$3,126/mo
+$2,582/mo
Down payment
$43,097
Funds due
$52,910
Interest + MI left
$565,716
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$15,903$15,903$386,903
Second mortgage—$371,000—
First P&I$108.66$108.66$2,621.02
Second P&I—$2,657.89—
Mortgage insurance$7.44$7.44$77.38
Taxes, insurance & HOA$428.00$428.00$428.00
Total housing payment$544.10$3,201.99$3,126.40

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,097
Closing costs & prepaids$13,345
Usable credit−$0
Total buyer cash needed$56,442
Earnest money paid−$0
Remaining funds due$56,442
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$516.00
Initial HOA (3 months)$318.00
Prepaid interest, first (9 days)$26.86
Prepaid interest, second (9 days)$708.97

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 closing26 yr 5 moOf the original 28-year loan at 6.85%
Interest already paid$1,743Through Dec 2026
Assumption only · ends May 2053$20,101
Assumption + second · ends May 2053, second Jan 2057$605,942
New conventional · ends Jan 2057$565,716