Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,885/mo
Lowest payment
Down payment
$77,499
Funds due
$89,314
Interest + MI left
$484,524
First ends
Jun 2055
Assumption

Assumption + second

$3,158/mo
+$274/mo
Down payment
$43,499
Funds due
$56,640
Interest + MI left
$549,009
First ends
Jun 2055
New loan

New conventional

$3,078/mo
+$193/mo
Down payment
$43,499
Funds due
$53,172
Interest + MI left
$564,982
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$352,401$352,401$386,401
Second mortgage—$34,000—
First P&I$2,337.32$2,337.32$2,617.61
Second P&I—$273.57—
Mortgage insurance$164.16$164.16$77.28
Taxes, insurance & HOA$383.33$383.33$383.33
Total housing payment$2,884.81$3,158.38$3,078.23

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,499
Closing costs & prepaids$13,141
Usable credit−$0
Total buyer cash needed$56,640
Earnest money paid−$0
Remaining funds due$56,640
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$516.00
Initial HOA (3 months)$183.99
Prepaid interest, first (9 days)$591.74
Prepaid interest, second (9 days)$75.45

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 closing28 yr 6 moOf the original 30-year loan at 6.81%
Interest already paid$36,313Through Dec 2026
Assumption only · ends Jun 2055$484,524
Assumption + second · ends Jun 2055, second Jan 2057$549,009
New conventional · ends Jan 2057$564,982