Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,938/mo
Lowest payment
Down payment
$66,382
Funds due
$78,234
Interest + MI left
$425,643
First ends
Jul 2053
Assumption

Assumption + second

$3,396/mo
+$459/mo
Down payment
$21,382
Funds due
$34,616
Interest + MI left
$545,721
First ends
Jul 2053
New loan

New conventional

$3,235/mo
+$297/mo
Down payment
$21,382
Funds due
$31,368
Interest + MI left
$592,336
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$358,618$358,618$403,618
Second mortgage—$45,000—
First P&I$2,346.35$2,346.35$2,734.25
Second P&I—$458.55—
Mortgage insurance$171.57$171.57$80.72
Taxes, insurance & HOA$420.00$420.00$420.00
Total housing payment$2,937.91$3,396.47$3,234.97

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$21,382
Closing costs & prepaids$13,234
Usable credit−$0
Total buyer cash needed$34,616
Earnest money paid−$0
Remaining funds due$34,616
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$567.70
Prepaid interest, second (9 days)$131.76

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 closing26 yr 7 moOf the original 30-year loan at 6.42%
Interest already paid$80,491Through Dec 2026
Assumption only · ends Jul 2053$425,643
Assumption + second · ends Jul 2053, second Jan 2057$545,721
New conventional · ends Jan 2057$592,336