Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,999/mo
Lowest payment
Down payment
$72,760
Funds due
$85,679
Interest + MI left
$444,188
First ends
Jun 2056
Assumption

Assumption + second

$3,478/mo
+$479/mo
Down payment
$25,760
Funds due
$40,067
Interest + MI left
$569,603
First ends
Jun 2056
New loan

New conventional

$3,813/mo
+$814/mo
Down payment
$25,760
Funds due
$36,942
Interest + MI left
$710,654
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$437,240$437,240$484,240
Second mortgage—$47,000—
First P&I$2,361.77$2,361.77$3,280.41
Second P&I—$478.93—
Mortgage insurance$201.88$201.88$96.85
Taxes, insurance & HOA$435.67$435.67$435.67
Total housing payment$2,999.31$3,478.24$3,812.93

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$25,760
Closing costs & prepaids$14,308
Usable credit−$0
Total buyer cash needed$40,067
Earnest money paid−$0
Remaining funds due$40,067
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$612.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$537.99
Prepaid interest, second (9 days)$137.62

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 closing29 yr 6 moOf the original 30-year loan at 4.99%
Interest already paid$10,956Through Dec 2026
Assumption only · ends Jun 2056$444,188
Assumption + second · ends Jun 2056, second Jan 2057$569,603
New conventional · ends Jan 2057$710,654