Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,359/mo
Lowest payment
Down payment
$363,135
Funds due
$374,040
Interest + MI left
$17,602
First ends
Jun 2034
Assumption

Assumption + second

$3,637/mo
+$2,278/mo
Down payment
$45,135
Funds due
$57,357
Interest + MI left
$519,750
First ends
Jun 2034
New loan

New conventional

$3,072/mo
+$1,714/mo
Down payment
$45,135
Funds due
$53,861
Interest + MI left
$606,342
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$81,865$81,865$399,865
Second mortgage—$318,000—
First P&I$1,033.85$1,033.85$2,768.58
Second P&I—$2,278.19—
Mortgage insurance$100.91$100.91$79.97
Taxes, insurance & HOA$223.75$223.75$223.75
Total housing payment$1,358.50$3,636.69$3,072.31

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$45,135
Closing costs & prepaids$12,222
Usable credit−$0
Total buyer cash needed$57,357
Earnest money paid−$0
Remaining funds due$57,357
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$221.25
Prepaid interest, first (1 days)$8.34
Prepaid interest, second (1 days)$67.52

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing7 yr 7 moOf the original 15-year loan at 3.720%
Interest already paid$31,422Through Nov 2026
Assumption only · ends Jun 2034$17,602
Assumption + second · ends Jun 2034, second Dec 2056$519,750
New conventional · ends Dec 2056$606,342