Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,345/mo
Lowest payment
Down payment
$76,405
Funds due
$91,066
Interest + MI left
$651,584
First ends
Oct 2053
Assumption

Assumption + second

$4,824/mo
+$479/mo
Down payment
$29,405
Funds due
$45,454
Interest + MI left
$776,999
First ends
Oct 2053
New loan

New conventional

$4,536/mo
+$190/mo
Down payment
$29,405
Funds due
$42,102
Interest + MI left
$815,372
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$508,595$508,595$555,595
Second mortgage—$47,000—
First P&I$3,442.90$3,442.90$3,763.79
Second P&I—$478.93—
Mortgage insurance$241.80$241.80$111.12
Taxes, insurance & HOA$660.67$660.67$660.67
Total housing payment$4,345.37$4,824.30$4,535.58

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$29,405
Closing costs & prepaids$16,049
Usable credit−$0
Total buyer cash needed$45,454
Earnest money paid−$0
Remaining funds due$45,454
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Initial HOA (3 months)$780.00
Prepaid interest, first (9 days)$854.02
Prepaid interest, second (9 days)$137.62

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 10 moOf the original 30-year loan at 6.81%
Interest already paid$111,852Through Dec 2026
Assumption only · ends Oct 2053$651,584
Assumption + second · ends Oct 2053, second Jan 2057$776,999
New conventional · ends Jan 2057$815,372