Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,590/mo
Lowest payment
Down payment
$129,181
Funds due
$143,475
Interest + MI left
$422,471
First ends
Oct 2052
Assumption

Assumption + second

$4,186/mo
+$595/mo
Down payment
$55,181
Funds due
$70,889
Interest + MI left
$562,822
First ends
Oct 2052
New loan

New conventional

$4,200/mo
+$610/mo
Down payment
$55,181
Funds due
$67,437
Interest + MI left
$722,045
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$419,819$419,819$493,819
Second mortgage—$74,000—
First P&I$2,516.77$2,516.77$3,345.30
Second P&I—$595.42—
Mortgage insurance$317.12$317.12$98.76
Taxes, insurance & HOA$756.25$756.25$756.25
Total housing payment$3,590.14$4,185.56$4,200.32

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$55,181
Closing costs & prepaids$15,708
Usable credit−$0
Total buyer cash needed$70,889
Earnest money paid−$0
Remaining funds due$70,889
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$658.75
Initial HOA (3 months)$1,110.00
Prepaid interest, first (9 days)$560.03
Prepaid interest, second (9 days)$164.22

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 10 moOf the original 30-year loan at 5.41%
Interest already paid$97,957Through Dec 2026
Assumption only · ends Oct 2052$422,471
Assumption + second · ends Oct 2052, second Jan 2057$562,822
New conventional · ends Jan 2057$722,045