Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,181/mo
+$405/mo
Down payment
$10,272
Funds due
$23,774
Interest + MI left
$699,446
First ends
Oct 2054
New loan

New conventional

$3,776/mo
Lowest payment
Down payment
$52,990
Funds due
$64,129
Interest + MI left
$697,321
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$519,628$476,910
Second mortgage——
First P&I$3,487.18$3,230.75
Second P&I——
Mortgage insurance$243.92$95.38
Taxes, insurance & HOA$450.34$450.34
Total housing payment$4,181.43$3,776.47

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$10,272
Closing costs & prepaids$13,503
Usable credit−$0
Total buyer cash needed$23,774
Earnest money paid−$0
Remaining funds due$23,774
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$636.00
Initial HOA (3 months)$215.01
Prepaid interest, first (9 days)$877.67

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 closing27 yr 10 moOf the original 30-year loan at 6.85%
Interest already paid$78,112Through Dec 2026
Assumption only · ends Oct 2054$699,446
New conventional · ends Jan 2057$697,321