Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,781/mo
Lowest payment
Down payment
$28,365
Funds due
$39,257
Interest + MI left
$342,642
First ends
Jul 2052
New loan

New conventional

$2,923/mo
+$142/mo
Down payment
$40,100
Funds due
$48,813
Interest + MI left
$547,329
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$372,635$360,900
Second mortgage——
First P&I$2,145.67$2,498.80
Second P&I——
Mortgage insurance$283.77$72.18
Taxes, insurance & HOA$351.92$351.92
Total housing payment$2,781.35$2,922.90

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$28,365
Closing costs & prepaids$10,892
Usable credit−$0
Total buyer cash needed$39,257
Earnest money paid−$0
Remaining funds due$39,257
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,010.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$335.75
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$50.84

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 closing25 yr 8 moOf the original 30-year loan at 4.980%
Interest already paid$83,599Through Nov 2026
Assumption only · ends Jul 2052$342,642
New conventional · ends Dec 2056$547,329