Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,346/mo
Lowest payment
Down payment
$390,545
Funds due
$401,841
Interest + MI left
$4,353
First ends
Sep 2029
Assumption

Assumption + second

$3,846/mo
+$2,500/mo
Down payment
$41,545
Funds due
$54,758
Interest + MI left
$555,453
First ends
Sep 2029
New loan

New conventional

$3,049/mo
+$1,703/mo
Down payment
$41,545
Funds due
$51,248
Interest + MI left
$546,053
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$24,455$24,455$373,455
Second mortgage—$349,000—
First P&I$810.70$810.70$2,529.91
Second P&I—$2,500.28—
Mortgage insurance$91.33$91.33$74.69
Taxes, insurance & HOA$444.00$444.00$444.00
Total housing payment$1,346.03$3,846.31$3,048.61

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$41,545
Closing costs & prepaids$13,213
Usable credit−$0
Total buyer cash needed$54,758
Earnest money paid−$0
Remaining funds due$54,758
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$384.00
Prepaid interest, first (9 days)$38.89
Prepaid interest, second (9 days)$666.92

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 closing2 yr 9 moOf the original 30-year loan at 6.45%
Interest already paid$160,623Through Dec 2026
Assumption only · ends Sep 2029$4,353
Assumption + second · ends Sep 2029, second Jan 2057$555,453
New conventional · ends Jan 2057$546,053