Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,020/mo
+$29/mo
Down payment
$35,337
Funds due
$47,008
Interest + MI left
$434,981
First ends
May 2053
New loan

New conventional

$2,991/mo
Lowest payment
Down payment
$41,490
Funds due
$51,021
Interest + MI left
$545,987
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$379,563$373,410
Second mortgage——
First P&I$2,451.07$2,529.61
Second P&I——
Mortgage insurance$182.26$74.68
Taxes, insurance & HOA$387.00$387.00
Total housing payment$3,020.34$2,991.29

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$35,337
Closing costs & prepaids$11,671
Usable credit−$0
Total buyer cash needed$47,008
Earnest money paid−$0
Remaining funds due$47,008
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$498.00
Initial HOA (3 months)$213.00
Prepaid interest, first (9 days)$585.88

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 5 moOf the original 30-year loan at 6.26%
Interest already paid$87,295Through Dec 2026
Assumption only · ends May 2053$434,981
New conventional · ends Jan 2057$545,987