Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,500/mo
+$2/mo
Down payment
$55,590
Funds due
$68,074
Interest + MI left
$527,842
First ends
Dec 2052
Assumption

Assumption + second

$3,816/mo
+$318/mo
Down payment
$24,590
Funds due
$38,415
Interest + MI left
$610,562
First ends
Dec 2052
New loan

New conventional

$3,498/mo
Lowest payment
Down payment
$24,590
Funds due
$35,137
Interest + MI left
$660,916
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$419,410$419,410$450,410
Second mortgage—$31,000—
First P&I$2,831.27$2,831.27$3,051.23
Second P&I—$315.89—
Mortgage insurance$312.08$312.08$90.08
Taxes, insurance & HOA$356.67$356.67$356.67
Total housing payment$3,500.01$3,815.90$3,497.98

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$24,590
Closing costs & prepaids$13,825
Usable credit−$0
Total buyer cash needed$38,415
Earnest money paid−$0
Remaining funds due$38,415
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Prepaid interest, first (9 days)$688.75
Prepaid interest, second (9 days)$90.77

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 yrOf the original 30-year loan at 6.66%
Interest already paid$114,734Through Dec 2026
Assumption only · ends Dec 2052$527,842
Assumption + second · ends Dec 2052, second Jan 2057$610,562
New conventional · ends Jan 2057$660,916