Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,102/mo
Lowest payment
Down payment
$125,955
Funds due
$139,031
Interest + MI left
$523,341
First ends
Mar 2056
Assumption

Assumption + second

$3,698/mo
+$595/mo
Down payment
$51,955
Funds due
$66,446
Interest + MI left
$663,693
First ends
Mar 2056
New loan

New conventional

$3,672/mo
+$570/mo
Down payment
$51,955
Funds due
$62,908
Interest + MI left
$677,048
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$389,045$389,045$463,045
Second mortgage—$74,000—
First P&I$2,479.65$2,479.65$3,136.83
Second P&I—$595.42—
Mortgage insurance$179.81$179.81$92.61
Taxes, insurance & HOA$442.67$442.67$442.67
Total housing payment$3,102.12$3,697.54$3,672.10

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$51,955
Closing costs & prepaids$14,491
Usable credit−$0
Total buyer cash needed$66,446
Earnest money paid−$0
Remaining funds due$66,446
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$623.54
Prepaid interest, second (9 days)$164.22

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 3 moOf the original 30-year loan at 6.5%
Interest already paid$19,055Through Dec 2026
Assumption only · ends Mar 2056$523,341
Assumption + second · ends Mar 2056, second Jan 2057$663,693
New conventional · ends Jan 2057$677,048