Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,017/mo
Lowest payment
Down payment
$395,692
Funds due
$409,524
Interest + MI left
$164,525
First ends
Dec 2048
Assumption

Assumption + second

$4,403/mo
+$2,386/mo
Down payment
$62,692
Funds due
$78,411
Interest + MI left
$690,360
First ends
Dec 2048
New loan

New conventional

$4,372/mo
+$2,354/mo
Down payment
$62,692
Funds due
$74,836
Interest + MI left
$822,187
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$229,308$229,308$562,308
Second mortgage—$333,000—
First P&I$1,376.18$1,376.18$3,809.27
Second P&I—$2,385.65—
Mortgage insurance$191.26$191.26$112.46
Taxes, insurance & HOA$450.00$450.00$450.00
Total housing payment$2,017.44$4,403.09$4,371.73

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$62,692
Closing costs & prepaids$15,719
Usable credit−$0
Total buyer cash needed$78,411
Earnest money paid−$0
Remaining funds due$78,411
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$750.00
Initial HOA (3 months)$99.99
Prepaid interest, first (9 days)$257.26
Prepaid interest, second (9 days)$636.35

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 closing22 yrOf the original 30-year loan at 4.55%
Interest already paid$91,402Through Dec 2026
Assumption only · ends Dec 2048$164,525
Assumption + second · ends Dec 2048, second Jan 2057$690,360
New conventional · ends Jan 2057$822,187