Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,090/mo
Lowest payment
Down payment
$245,365
Funds due
$258,752
Interest + MI left
$525,714
First ends
Feb 2055
Assumption

Assumption + second

$4,418/mo
+$1,328/mo
Down payment
$64,365
Funds due
$79,042
Interest + MI left
$822,835
First ends
Feb 2055
New loan

New conventional

$4,412/mo
+$1,322/mo
Down payment
$64,365
Funds due
$75,353
Interest + MI left
$872,231
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$394,135$394,135$575,135
Second mortgage—$181,000—
First P&I$2,590.78$2,590.78$3,982.12
Second P&I—$1,328.11—
Mortgage insurance$184.21$184.21$115.03
Taxes, insurance & HOA$314.92$314.92$314.92
Total housing payment$3,089.91$4,418.02$4,412.06

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$64,365
Closing costs & prepaids$14,677
Usable credit−$0
Total buyer cash needed$79,042
Earnest money paid−$0
Remaining funds due$79,042
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,395.00
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)$444.75
Prepaid interest, first (1 days)$72.24
Prepaid interest, second (1 days)$39.67

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 closing28 yr 3 moOf the original 30-year loan at 6.690%
Interest already paid$46,629Through Nov 2026
Assumption only · ends Feb 2055$525,714
Assumption + second · ends Feb 2055, second Dec 2056$822,835
New conventional · ends Dec 2056$872,231