Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,836/mo
Lowest payment
Down payment
$57,199
Funds due
$68,687
Interest + MI left
$424,016
First ends
Aug 2053
Assumption

Assumption + second

$3,202/mo
+$367/mo
Down payment
$21,199
Funds due
$34,042
Interest + MI left
$520,079
First ends
Aug 2053
New loan

New conventional

$3,080/mo
+$244/mo
Down payment
$21,199
Funds due
$30,808
Interest + MI left
$577,850
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$357,801$357,801$393,801
Second mortgage—$36,000—
First P&I$2,331.43$2,331.43$2,667.75
Second P&I—$366.84—
Mortgage insurance$171.01$171.01$78.76
Taxes, insurance & HOA$333.08$333.08$333.08
Total housing payment$2,835.52$3,202.36$3,079.59

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$21,199
Closing costs & prepaids$12,843
Usable credit−$0
Total buyer cash needed$34,042
Earnest money paid−$0
Remaining funds due$34,042
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)$51.24
Prepaid interest, first (9 days)$563.76
Prepaid interest, second (9 days)$105.41

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 yr 8 moOf the original 30-year loan at 6.39%
Interest already paid$77,941Through Dec 2026
Assumption only · ends Aug 2053$424,016
Assumption + second · ends Aug 2053, second Jan 2057$520,079
New conventional · ends Jan 2057$577,850