Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$409/mo
Lowest payment
Down payment
$485,134
Funds due
$496,996
Interest + MI left
$20,486
First ends
Feb 2053
Assumption

Assumption + second

$3,526/mo
+$3,116/mo
Down payment
$50,134
Funds due
$63,339
Interest + MI left
$707,387
First ends
Feb 2053
New loan

New conventional

$3,500/mo
+$3,090/mo
Down payment
$50,134
Funds due
$59,784
Interest + MI left
$682,252
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$14,866$14,866$449,866
Second mortgage—$435,000—
First P&I$107.51$107.51$3,114.78
Second P&I—$3,116.39—
Mortgage insurance$7.02$7.02$89.97
Taxes, insurance & HOA$294.92$294.92$294.92
Total housing payment$409.45$3,525.85$3,499.67

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$50,134
Closing costs & prepaids$13,205
Usable credit−$0
Total buyer cash needed$63,339
Earnest money paid−$0
Remaining funds due$63,339
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$384.75
Prepaid interest, first (1 days)$3.03
Prepaid interest, second (1 days)$92.36

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 closing26 yr 3 moOf the original 29-year loan at 7.440%
Interest already paid$3,091Through Nov 2026
Assumption only · ends Feb 2053$20,486
Assumption + second · ends Feb 2053, second Dec 2056$707,387
New conventional · ends Dec 2056$682,252