Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,496/mo
Lowest payment
Down payment
$133,759
Funds due
$145,606
Interest + MI left
$338,399
First ends
Apr 2053
Assumption

Assumption + second

$3,228/mo
+$732/mo
Down payment
$42,759
Funds due
$56,058
Interest + MI left
$510,993
First ends
Apr 2053
New loan

New conventional

$3,121/mo
+$625/mo
Down payment
$42,759
Funds due
$52,598
Interest + MI left
$558,900
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$291,241$291,241$382,241
Second mortgage—$91,000—
First P&I$1,901.37$1,901.37$2,589.43
Second P&I—$732.21—
Mortgage insurance$139.91$139.91$76.45
Taxes, insurance & HOA$455.00$455.00$455.00
Total housing payment$2,496.28$3,228.48$3,120.88

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,759
Closing costs & prepaids$13,299
Usable credit−$0
Total buyer cash needed$56,058
Earnest money paid−$0
Remaining funds due$56,058
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$405.00
Prepaid interest, first (9 days)$456.73
Prepaid interest, second (9 days)$201.95

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 6.36%
Interest already paid$69,651Through Dec 2026
Assumption only · ends Apr 2053$338,399
Assumption + second · ends Apr 2053, second Jan 2057$510,993
New conventional · ends Jan 2057$558,900