Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,538/mo
Lowest payment
Down payment
$164,601
Funds due
$178,319
Interest + MI left
$584,547
First ends
Jan 2054
Assumption

Assumption + second

$4,330/mo
+$792/mo
Down payment
$56,601
Funds due
$71,782
Interest + MI left
$761,834
First ends
Jan 2054
New loan

New conventional

$3,987/mo
+$449/mo
Down payment
$56,601
Funds due
$68,101
Interest + MI left
$740,439
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$398,399$398,399$506,399
Second mortgage—$108,000—
First P&I$2,900.54$2,900.54$3,430.52
Second P&I—$792.47—
Mortgage insurance$182.60$182.60$101.28
Taxes, insurance & HOA$454.83$454.83$454.83
Total housing payment$3,537.98$4,330.44$3,986.64

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$56,601
Closing costs & prepaids$15,181
Usable credit−$0
Total buyer cash needed$71,782
Earnest money paid−$0
Remaining funds due$71,782
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,630.00
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)$675.50
Initial HOA (3 months)$189.00
Prepaid interest, first (9 days)$748.55
Prepaid interest, second (9 days)$213.04

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 7.62%
Interest already paid$89,918Through Dec 2026
Assumption only · ends Jan 2054$584,547
Assumption + second · ends Jan 2054, second Jan 2057$761,834
New conventional · ends Jan 2057$740,439