Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$479/mo
Lowest payment
Down payment
$437,806
Funds due
$449,276
Interest + MI left
$12,463
First ends
Sep 2051
Assumption

Assumption + second

$3,287/mo
+$2,808/mo
Down payment
$45,806
Funds due
$59,275
Interest + MI left
$631,464
First ends
Sep 2051
New loan

New conventional

$3,211/mo
+$2,732/mo
Down payment
$45,806
Funds due
$55,716
Interest + MI left
$590,771
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$12,094$12,094$404,094
Second mortgage—$392,000—
First P&I$76.87$76.87$2,737.47
Second P&I—$2,808.34—
Mortgage insurance$9.15$9.15$80.82
Taxes, insurance & HOA$393.00$393.00$393.00
Total housing payment$479.02$3,287.36$3,211.29

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$45,806
Closing costs & prepaids$13,469
Usable credit−$0
Total buyer cash needed$59,275
Earnest money paid−$0
Remaining funds due$59,275
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Initial HOA (3 months)$189.00
Prepaid interest, first (9 days)$17.33
Prepaid interest, second (9 days)$749.10

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 closing24 yr 9 moOf the original 29-year loan at 5.81%
Interest already paid$3,094Through Dec 2026
Assumption only · ends Sep 2051$12,463
Assumption + second · ends Sep 2051, second Jan 2057$631,464
New conventional · ends Jan 2057$590,771