Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,428/mo
Lowest payment
Down payment
$540,415
Funds due
$554,303
Interest + MI left
$56,302
First ends
Jun 2041
Assumption

Assumption + second

$4,831/mo
+$3,403/mo
Down payment
$65,415
Funds due
$81,461
Interest + MI left
$806,367
First ends
Jun 2041
New loan

New conventional

$4,504/mo
+$3,076/mo
Down payment
$65,415
Funds due
$77,751
Interest + MI left
$854,758
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$109,584$109,584$584,584
Second mortgage—$475,000—
First P&I$883.86$883.86$3,960.18
Second P&I—$3,402.96—
Mortgage insurance$117.29$117.29$116.92
Taxes, insurance & HOA$426.67$426.67$426.67
Total housing payment$1,427.82$4,830.78$4,503.76

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$65,415
Closing costs & prepaids$16,046
Usable credit−$0
Total buyer cash needed$81,461
Earnest money paid−$0
Remaining funds due$81,461
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,499.99
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)$780.00
Prepaid interest, first (9 days)$133.75
Prepaid interest, second (9 days)$907.71

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 closing14 yr 6 moOf the original 30-year loan at 4.95%
Interest already paid$108,394Through Dec 2026
Assumption only · ends Jun 2041$56,302
Assumption + second · ends Jun 2041, second Jan 2057$806,367
New conventional · ends Jan 2057$854,758