Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,915/mo
Lowest payment
Down payment
$62,846
Funds due
$76,521
Interest + MI left
$595,549
First ends
Oct 2053
Assumption

Assumption + second

$4,282/mo
+$367/mo
Down payment
$26,846
Funds due
$41,876
Interest + MI left
$691,612
First ends
Oct 2053
New loan

New conventional

$4,049/mo
+$134/mo
Down payment
$26,846
Funds due
$38,562
Interest + MI left
$738,411
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$467,154$467,154$503,154
Second mortgage—$36,000—
First P&I$3,153.32$3,153.32$3,408.54
Second P&I—$366.84—
Mortgage insurance$222.15$222.15$100.63
Taxes, insurance & HOA$539.67$539.67$539.67
Total housing payment$3,915.14$4,281.98$4,048.84

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$26,846
Closing costs & prepaids$15,030
Usable credit−$0
Total buyer cash needed$41,876
Earnest money paid−$0
Remaining funds due$41,876
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$636.00
Initial HOA (3 months)$483.00
Prepaid interest, first (9 days)$780.98
Prepaid interest, second (9 days)$105.41

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 10 moOf the original 30-year loan at 6.78%
Interest already paid$102,296Through Dec 2026
Assumption only · ends Oct 2053$595,549
Assumption + second · ends Oct 2053, second Jan 2057$691,612
New conventional · ends Jan 2057$738,411