Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,434/mo
Lowest payment
Down payment
$148,420
Funds due
$162,131
Interest + MI left
$540,894
First ends
Jun 2054
Assumption

Assumption + second

$4,174/mo
+$740/mo
Down payment
$56,420
Funds due
$71,585
Interest + MI left
$715,385
First ends
Jun 2054
New loan

New conventional

$3,987/mo
+$553/mo
Down payment
$56,420
Funds due
$67,965
Interest + MI left
$733,393
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$409,580$409,580$501,580
Second mortgage—$92,000—
First P&I$2,751.82$2,751.82$3,397.88
Second P&I—$740.25—
Mortgage insurance$193.07$193.07$100.32
Taxes, insurance & HOA$488.83$488.83$488.83
Total housing payment$3,433.72$4,173.97$3,987.03

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$56,420
Closing costs & prepaids$15,164
Usable credit−$0
Total buyer cash needed$71,585
Earnest money paid−$0
Remaining funds due$71,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,580.00
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)$669.50
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$688.77
Prepaid interest, second (9 days)$204.16

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 6 moOf the original 30-year loan at 6.82%
Interest already paid$70,889Through Dec 2026
Assumption only · ends Jun 2054$540,894
Assumption + second · ends Jun 2054, second Jan 2057$715,385
New conventional · ends Jan 2057$733,393