Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,390/mo
Lowest payment
Down payment
$61,356
Funds due
$72,266
Interest + MI left
$246,995
First ends
May 2052
Assumption

Assumption + second

$2,797/mo
+$408/mo
Down payment
$21,356
Funds due
$33,529
Interest + MI left
$353,731
First ends
May 2052
New loan

New conventional

$3,120/mo
+$731/mo
Down payment
$21,356
Funds due
$30,296
Interest + MI left
$599,035
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$353,644$353,644$393,644
Second mortgage—$40,000—
First P&I$1,798.63$1,798.63$2,725.51
Second P&I—$407.60—
Mortgage insurance$274.76$274.76$78.73
Taxes, insurance & HOA$316.17$316.17$316.17
Total housing payment$2,389.56$2,797.16$3,120.41

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$21,356
Closing costs & prepaids$12,173
Usable credit−$0
Total buyer cash needed$33,529
Earnest money paid−$0
Remaining funds due$33,529
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$348.50
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$36.43
Prepaid interest, second (1 days)$13.01

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 6 moOf the original 30-year loan at 3.760%
Interest already paid$62,870Through Nov 2026
Assumption only · ends May 2052$246,995
Assumption + second · ends May 2052, second Dec 2056$353,731
New conventional · ends Dec 2056$599,035