Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,769/mo
Lowest payment
Down payment
$801,564
Funds due
$822,012
Interest + MI left
$256,821
First ends
May 2052
Assumption

Assumption + second

$7,683/mo
+$4,915/mo
Down payment
$115,564
Funds due
$138,573
Interest + MI left
$1,340,073
First ends
May 2052
New loan

New conventional

$7,891/mo
+$5,123/mo
Down payment
$115,564
Funds due
$134,545
Interest + MI left
$1,512,517
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$348,436$348,436$1,034,436
Second mortgage—$686,000—
First P&I$1,821.64$1,821.64$7,007.63
Second P&I—$4,914.59—
Mortgage insurance$270.27$270.27$206.89
Taxes, insurance & HOA$676.67$676.67$676.67
Total housing payment$2,768.58$7,683.16$7,891.18

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$115,564
Closing costs & prepaids$23,010
Usable credit−$0
Total buyer cash needed$138,573
Earnest money paid−$0
Remaining funds due$138,573
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,380.00
Prepaid interest, first (9 days)$343.66
Prepaid interest, second (9 days)$1,310.92

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 closing25 yr 5 moOf the original 30-year loan at 4%
Interest already paid$67,064Through Dec 2026
Assumption only · ends May 2052$256,821
Assumption + second · ends May 2052, second Jan 2057$1,340,073
New conventional · ends Jan 2057$1,512,517