Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,332/mo
Lowest payment
Down payment
$232,771
Funds due
$247,071
Interest + MI left
$506,678
First ends
Sep 2053
Assumption

Assumption + second

$4,565/mo
+$1,233/mo
Down payment
$64,771
Funds due
$80,652
Interest + MI left
$782,459
First ends
Sep 2053
New loan

New conventional

$4,427/mo
+$1,095/mo
Down payment
$64,771
Funds due
$76,972
Interest + MI left
$839,618
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$406,229$406,229$574,229
Second mortgage—$168,000—
First P&I$2,716.37$2,716.37$3,890.03
Second P&I—$1,232.72—
Mortgage insurance$193.54$193.54$114.85
Taxes, insurance & HOA$422.25$422.25$422.25
Total housing payment$3,332.15$4,564.88$4,427.12

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$64,771
Closing costs & prepaids$15,881
Usable credit−$0
Total buyer cash needed$80,652
Earnest money paid−$0
Remaining funds due$80,652
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,390.00
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)$766.75
Prepaid interest, first (9 days)$668.11
Prepaid interest, second (9 days)$331.40

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 9 moOf the original 30-year loan at 6.67%
Interest already paid$89,905Through Dec 2026
Assumption only · ends Sep 2053$506,678
Assumption + second · ends Sep 2053, second Jan 2057$782,459
New conventional · ends Jan 2057$839,618