Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,082/mo
Lowest payment
Down payment
$151,363
Funds due
$166,144
Interest + MI left
$692,933
First ends
Feb 2055
Assumption

Assumption + second

$4,758/mo
+$676/mo
Down payment
$67,363
Funds due
$83,580
Interest + MI left
$852,251
First ends
Feb 2055
New loan

New conventional

$4,600/mo
+$518/mo
Down payment
$67,363
Funds due
$79,869
Interest + MI left
$873,698
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$513,537$513,537$597,537
Second mortgage—$84,000—
First P&I$3,409.19$3,409.19$4,047.92
Second P&I—$675.88—
Mortgage insurance$240.17$240.17$119.51
Taxes, insurance & HOA$432.67$432.67$432.67
Total housing payment$4,082.03$4,757.91$4,600.10

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$67,363
Closing costs & prepaids$16,217
Usable credit−$0
Total buyer cash needed$83,580
Earnest money paid−$0
Remaining funds due$83,580
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,649.00
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)$798.00
Prepaid interest, first (9 days)$858.52
Prepaid interest, second (9 days)$186.41

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 closing28 yr 2 moOf the original 30-year loan at 6.78%
Interest already paid$64,527Through Dec 2026
Assumption only · ends Feb 2055$692,933
Assumption + second · ends Feb 2055, second Jan 2057$852,251
New conventional · ends Jan 2057$873,698