Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,384/mo
Lowest payment
Down payment
$294,545
Funds due
$309,858
Interest + MI left
$547,501
First ends
Sep 2055
Assumption

Assumption + second

$4,988/mo
+$1,605/mo
Down payment
$70,545
Funds due
$87,536
Interest + MI left
$901,216
First ends
Sep 2055
New loan

New conventional

$4,941/mo
+$1,557/mo
Down payment
$70,545
Funds due
$83,800
Interest + MI left
$917,443
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$403,455$403,455$627,455
Second mortgage—$224,000—
First P&I$2,631.28$2,631.28$4,250.60
Second P&I—$1,604.76—
Mortgage insurance$187.47$187.47$125.49
Taxes, insurance & HOA$564.83$564.83$564.83
Total housing payment$3,383.59$4,988.35$4,940.92

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$70,545
Closing costs & prepaids$16,991
Usable credit−$0
Total buyer cash needed$87,536
Earnest money paid−$0
Remaining funds due$87,536
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,980.00
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)$837.50
Initial HOA (3 months)$357.00
Prepaid interest, first (9 days)$663.55
Prepaid interest, second (9 days)$428.05

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 closing28 yr 9 moOf the original 30-year loan at 6.67%
Interest already paid$33,889Through Dec 2026
Assumption only · ends Sep 2055$547,501
Assumption + second · ends Sep 2055, second Jan 2057$901,216
New conventional · ends Jan 2057$917,443