Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,251/mo
Lowest payment
Down payment
$61,873
Funds due
$74,066
Interest + MI left
$466,316
First ends
Mar 2053
Assumption

Assumption + second

$3,649/mo
+$397/mo
Down payment
$22,873
Funds due
$36,430
Interest + MI left
$570,383
First ends
Mar 2053
New loan

New conventional

$3,417/mo
+$166/mo
Down payment
$22,873
Funds due
$33,189
Interest + MI left
$626,837
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$388,127$388,127$427,127
Second mortgage—$39,000—
First P&I$2,524.80$2,524.80$2,893.51
Second P&I—$397.41—
Mortgage insurance$288.63$288.63$85.43
Taxes, insurance & HOA$438.00$438.00$438.00
Total housing payment$3,251.43$3,648.84$3,416.93

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$22,873
Closing costs & prepaids$13,557
Usable credit−$0
Total buyer cash needed$36,430
Earnest money paid−$0
Remaining funds due$36,430
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$603.88
Prepaid interest, second (9 days)$114.20

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 3 moOf the original 30-year loan at 6.31%
Interest already paid$94,270Through Dec 2026
Assumption only · ends Mar 2053$466,316
Assumption + second · ends Mar 2053, second Jan 2057$570,383
New conventional · ends Jan 2057$626,837