Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$532/mo
Lowest payment
Down payment
$607,062
Funds due
$620,590
Interest + MI left
$16,584
First ends
Sep 2055
Assumption

Assumption + second

$4,437/mo
+$3,904/mo
Down payment
$62,062
Funds due
$77,882
Interest + MI left
$877,185
First ends
Sep 2055
New loan

New conventional

$4,332/mo
+$3,800/mo
Down payment
$62,062
Funds due
$74,136
Interest + MI left
$814,335
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$11,938$11,938$556,938
Second mortgage—$545,000—
First P&I$78.96$78.96$3,772.89
Second P&I—$3,904.45—
Mortgage insurance$5.55$5.55$111.39
Taxes, insurance & HOA$447.83$447.83$447.83
Total housing payment$532.33$4,436.78$4,332.11

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$62,062
Closing costs & prepaids$15,820
Usable credit−$0
Total buyer cash needed$77,882
Earnest money paid−$0
Remaining funds due$77,882
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,190.00
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)$742.75
Initial HOA (3 months)$100.74
Prepaid interest, first (9 days)$20.05
Prepaid interest, second (9 days)$1,041.47

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 closing28 yr 9 moOf the original 30-year loan at 6.81%
Interest already paid$1,024Through Dec 2026
Assumption only · ends Sep 2055$16,584
Assumption + second · ends Sep 2055, second Jan 2057$877,185
New conventional · ends Jan 2057$814,335