Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,182/mo
Lowest payment
Down payment
$142,843
Funds due
$155,901
Interest + MI left
$489,982
First ends
Aug 2053
Assumption

Assumption + second

$3,898/mo
+$716/mo
Down payment
$53,843
Funds due
$68,349
Interest + MI left
$658,783
First ends
Aug 2053
New loan

New conventional

$3,700/mo
+$517/mo
Down payment
$53,843
Funds due
$64,759
Interest + MI left
$696,125
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$387,157$387,157$476,157
Second mortgage—$89,000—
First P&I$2,619.11$2,619.11$3,225.65
Second P&I—$716.11—
Mortgage insurance$184.51$184.51$95.23
Taxes, insurance & HOA$378.67$378.67$378.67
Total housing payment$3,182.29$3,898.41$3,699.55

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$53,843
Closing costs & prepaids$14,506
Usable credit−$0
Total buyer cash needed$68,349
Earnest money paid−$0
Remaining funds due$68,349
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$636.00
Prepaid interest, first (9 days)$647.24
Prepaid interest, second (9 days)$197.51

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 6.78%
Interest already paid$89,348Through Dec 2026
Assumption only · ends Aug 2053$489,982
Assumption + second · ends Aug 2053, second Jan 2057$658,783
New conventional · ends Jan 2057$696,125