Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,056/mo
Lowest payment
Down payment
$53,460
Funds due
$67,608
Interest + MI left
$637,489
First ends
Mar 2055
Assumption

Assumption + second

$4,331/mo
+$275/mo
Down payment
$26,460
Funds due
$41,937
Interest + MI left
$709,536
First ends
Mar 2055
New loan

New conventional

$4,203/mo
+$147/mo
Down payment
$26,460
Funds due
$38,645
Interest + MI left
$737,510
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$475,540$475,540$502,540
Second mortgage—$27,000—
First P&I$3,135.19$3,135.19$3,404.38
Second P&I—$275.13—
Mortgage insurance$222.23$222.23$100.51
Taxes, insurance & HOA$698.25$698.25$698.25
Total housing payment$4,055.68$4,330.81$4,203.14

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$26,460
Closing costs & prepaids$15,477
Usable credit−$0
Total buyer cash needed$41,937
Earnest money paid−$0
Remaining funds due$41,937
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,290.00
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)$634.75
Initial HOA (3 months)$960.00
Prepaid interest, first (9 days)$787.96
Prepaid interest, second (9 days)$79.06

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 3 moOf the original 30-year loan at 6.72%
Interest already paid$56,509Through Dec 2026
Assumption only · ends Mar 2055$637,489
Assumption + second · ends Mar 2055, second Jan 2057$709,536
New conventional · ends Jan 2057$737,510