Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,427/mo
Lowest payment
Down payment
$59,472
Funds due
$72,125
Interest + MI left
$554,532
First ends
Apr 2054
Assumption

Assumption + second

$3,784/mo
+$357/mo
Down payment
$24,472
Funds due
$38,478
Interest + MI left
$647,926
First ends
Apr 2054
New loan

New conventional

$3,595/mo
+$167/mo
Down payment
$24,472
Funds due
$35,188
Interest + MI left
$680,258
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$428,528$428,528$463,528
Second mortgage—$35,000—
First P&I$2,862.89$2,862.89$3,140.10
Second P&I—$356.65—
Mortgage insurance$202.51$202.51$92.71
Taxes, insurance & HOA$361.83$361.83$361.83
Total housing payment$3,427.24$3,783.89$3,594.64

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$24,472
Closing costs & prepaids$14,005
Usable credit−$0
Total buyer cash needed$38,478
Earnest money paid−$0
Remaining funds due$38,478
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,880.00
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)$585.50
Prepaid interest, first (9 days)$712.18
Prepaid interest, second (9 days)$102.48

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 4 moOf the original 30-year loan at 6.74%
Interest already paid$78,291Through Dec 2026
Assumption only · ends Apr 2054$554,532
Assumption + second · ends Apr 2054, second Jan 2057$647,926
New conventional · ends Jan 2057$680,258