Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,822/mo
Lowest payment
Down payment
$80,679
Funds due
$92,408
Interest + MI left
$457,688
First ends
Nov 2054
Assumption

Assumption + second

$3,112/mo
+$290/mo
Down payment
$44,679
Funds due
$57,737
Interest + MI left
$525,967
First ends
Nov 2054
New loan

New conventional

$3,083/mo
+$261/mo
Down payment
$44,679
Funds due
$54,285
Interest + MI left
$577,946
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$359,321$359,321$395,321
Second mortgage—$36,000—
First P&I$2,327.32$2,327.32$2,678.04
Second P&I—$289.66—
Mortgage insurance$168.76$168.76$79.06
Taxes, insurance & HOA$326.00$326.00$326.00
Total housing payment$2,822.08$3,111.74$3,083.11

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$44,679
Closing costs & prepaids$13,059
Usable credit−$0
Total buyer cash needed$57,737
Earnest money paid−$0
Remaining funds due$57,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$528.00
Prepaid interest, first (9 days)$575.90
Prepaid interest, second (9 days)$79.89

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 closing27 yr 11 moOf the original 30-year loan at 6.5%
Interest already paid$49,297Through Dec 2026
Assumption only · ends Nov 2054$457,688
Assumption + second · ends Nov 2054, second Jan 2057$525,967
New conventional · ends Jan 2057$577,946