Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$475/mo
Lowest payment
Down payment
$403,806
Funds due
$414,834
Interest + MI left
$23,645
First ends
Apr 2052
Assumption

Assumption + second

$3,061/mo
+$2,586/mo
Down payment
$42,806
Funds due
$55,774
Interest + MI left
$593,694
First ends
Apr 2052
New loan

New conventional

$2,992/mo
+$2,518/mo
Down payment
$42,806
Funds due
$52,251
Interest + MI left
$560,147
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$22,094$22,094$383,094
Second mortgage—$361,000—
First P&I$143.59$143.59$2,595.21
Second P&I—$2,586.25—
Mortgage insurance$10.67$10.67$76.62
Taxes, insurance & HOA$320.33$320.33$320.33
Total housing payment$474.59$3,060.84$2,992.16

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,806
Closing costs & prepaids$12,968
Usable credit−$0
Total buyer cash needed$55,774
Earnest money paid−$0
Remaining funds due$55,774
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,259.00
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)$511.00
Prepaid interest, first (9 days)$33.50
Prepaid interest, second (9 days)$689.86

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 closing25 yr 4 moOf the original 29-year loan at 6.15%
Interest already paid$5,125Through Dec 2026
Assumption only · ends Apr 2052$23,645
Assumption + second · ends Apr 2052, second Jan 2057$593,694
New conventional · ends Jan 2057$560,147