Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,757/mo
Lowest payment
Down payment
$70,273
Funds due
$81,695
Interest + MI left
$408,770
First ends
Apr 2053
Assumption

Assumption + second

$2,983/mo
+$225/mo
Down payment
$42,273
Funds due
$55,007
Interest + MI left
$461,876
First ends
Apr 2053
New loan

New conventional

$2,915/mo
+$157/mo
Down payment
$42,273
Funds due
$51,582
Interest + MI left
$544,768
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$344,627$344,627$372,627
Second mortgage—$28,000—
First P&I$2,276.03$2,276.03$2,524.31
Second P&I—$225.29—
Mortgage insurance$165.39$165.39$74.53
Taxes, insurance & HOA$316.00$316.00$316.00
Total housing payment$2,757.42$2,982.71$2,914.83

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,273
Closing costs & prepaids$12,735
Usable credit−$0
Total buyer cash needed$55,007
Earnest money paid−$0
Remaining funds due$55,007
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.00
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)$498.00
Prepaid interest, first (9 days)$550.65
Prepaid interest, second (9 days)$62.14

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 4 moOf the original 30-year loan at 6.48%
Interest already paid$83,930Through Dec 2026
Assumption only · ends Apr 2053$408,770
Assumption + second · ends Apr 2053, second Jan 2057$461,876
New conventional · ends Jan 2057$544,768