Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,669/mo
Lowest payment
Down payment
$489,298
Funds due
$503,196
Interest + MI left
$72,634
First ends
Jul 2043
Assumption

Assumption + second

$4,707/mo
+$3,038/mo
Down payment
$65,298
Funds due
$81,256
Interest + MI left
$742,166
First ends
Jul 2043
New loan

New conventional

$4,504/mo
+$2,835/mo
Down payment
$65,298
Funds due
$77,634
Interest + MI left
$854,785
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$160,602$160,602$584,602
Second mortgage—$424,000—
First P&I$1,075.36$1,075.36$3,960.30
Second P&I—$3,037.59—
Mortgage insurance$166.92$166.92$116.92
Taxes, insurance & HOA$426.67$426.67$426.67
Total housing payment$1,668.95$4,706.54$4,503.88

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$65,298
Closing costs & prepaids$15,958
Usable credit−$0
Total buyer cash needed$81,256
Earnest money paid−$0
Remaining funds due$81,256
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,499.00
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)$780.00
Prepaid interest, first (9 days)$143.75
Prepaid interest, second (9 days)$810.25

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 closing16 yr 7 moOf the original 30-year loan at 3.63%
Interest already paid$98,082Through Dec 2026
Assumption only · ends Jul 2043$72,634
Assumption + second · ends Jul 2043, second Jan 2057$742,166
New conventional · ends Jan 2057$854,785