Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,690/mo
Lowest payment
Down payment
$71,128
Funds due
$82,287
Interest + MI left
$439,638
First ends
Jan 2054
Assumption

Assumption + second

$2,947/mo
+$257/mo
Down payment
$39,128
Funds due
$51,608
Interest + MI left
$500,331
First ends
Jan 2054
New loan

New conventional

$2,753/mo
+$64/mo
Down payment
$39,128
Funds due
$48,151
Interest + MI left
$513,033
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$318,872$318,872$350,872
Second mortgage—$32,000—
First P&I$2,232.75$2,232.75$2,376.93
Second P&I—$257.48—
Mortgage insurance$150.76$150.76$70.17
Taxes, insurance & HOA$306.00$306.00$306.00
Total housing payment$2,689.51$2,946.99$2,753.10

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$39,128
Closing costs & prepaids$12,480
Usable credit−$0
Total buyer cash needed$51,608
Earnest money paid−$0
Remaining funds due$51,608
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Prepaid interest, first (9 days)$566.11
Prepaid interest, second (9 days)$71.01

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 1 moOf the original 30-year loan at 7.2%
Interest already paid$68,086Through Dec 2026
Assumption only · ends Jan 2054$439,638
Assumption + second · ends Jan 2054, second Jan 2057$500,331
New conventional · ends Jan 2057$513,033