Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,045/mo
Lowest payment
Down payment
$111,364
Funds due
$123,384
Interest + MI left
$482,341
First ends
Dec 2053
Assumption

Assumption + second

$3,544/mo
+$499/mo
Down payment
$49,364
Funds due
$62,665
Interest + MI left
$599,933
First ends
Dec 2053
New loan

New conventional

$3,474/mo
+$429/mo
Down payment
$49,364
Funds due
$59,130
Interest + MI left
$668,254
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$378,636$378,636$440,636
Second mortgage—$62,000—
First P&I$2,530.39$2,530.39$3,050.87
Second P&I—$498.87—
Mortgage insurance$179.55$179.55$88.13
Taxes, insurance & HOA$335.33$335.33$335.33
Total housing payment$3,045.27$3,544.14$3,474.34

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$49,364
Closing costs & prepaids$13,301
Usable credit−$0
Total buyer cash needed$62,665
Earnest money paid−$0
Remaining funds due$62,665
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$506.00
Prepaid interest, first (2 days)$139.21
Prepaid interest, second (2 days)$30.58

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 1 moOf the original 30-year loan at 6.710%
Interest already paid$75,462Through Nov 2026
Assumption only · ends Dec 2053$482,341
Assumption + second · ends Dec 2053, second Dec 2056$599,933
New conventional · ends Dec 2056$668,254