Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,506/mo
Lowest payment
Down payment
$51,298
Funds due
$62,998
Interest + MI left
$329,130
First ends
Jul 2056
Assumption

Assumption + second

$2,791/mo
+$285/mo
Down payment
$23,298
Funds due
$36,257
Interest + MI left
$403,845
First ends
Jul 2056
New loan

New conventional

$3,467/mo
+$961/mo
Down payment
$23,298
Funds due
$33,009
Interest + MI left
$662,914
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$407,621$407,621$435,621
Second mortgage—$28,000—
First P&I$1,955.04$1,955.04$3,016.15
Second P&I—$285.32—
Mortgage insurance$186.83$186.83$87.12
Taxes, insurance & HOA$363.67$363.67$363.67
Total housing payment$2,505.53$2,790.85$3,466.94

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$23,298
Closing costs & prepaids$12,959
Usable credit−$0
Total buyer cash needed$36,257
Earnest money paid−$0
Remaining funds due$36,257
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,589.19
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)$120.00
Initial HOA (3 months)$471.00
Prepaid interest, first (1 days)$44.56
Prepaid interest, second (1 days)$9.11

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 closing29 yr 8 moOf the original 30-year loan at 3.990%
Interest already paid$5,441Through Nov 2026
Assumption only · ends Jul 2056$329,130
Assumption + second · ends Jul 2056, second Dec 2056$403,845
New conventional · ends Dec 2056$662,914