Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,003/mo
Lowest payment
Down payment
$62,991
Funds due
$76,379
Interest + MI left
$640,325
First ends
Mar 2055
Assumption

Assumption + second

$4,369/mo
+$367/mo
Down payment
$26,991
Funds due
$41,640
Interest + MI left
$736,388
First ends
Mar 2055
New loan

New conventional

$4,293/mo
+$290/mo
Down payment
$26,991
Funds due
$38,325
Interest + MI left
$779,261
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$476,009$476,009$512,009
Second mortgage—$36,000—
First P&I$3,135.19$3,135.19$3,545.05
Second P&I—$366.84—
Mortgage insurance$222.23$222.23$102.40
Taxes, insurance & HOA$645.08$645.08$645.08
Total housing payment$4,002.51$4,369.35$4,292.53

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$26,991
Closing costs & prepaids$14,650
Usable credit−$0
Total buyer cash needed$41,640
Earnest money paid−$0
Remaining funds due$41,640
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$475.25
Initial HOA (3 months)$960.00
Prepaid interest, first (1 days)$87.64
Prepaid interest, second (1 days)$11.71

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 4 moOf the original 30-year loan at 6.720%
Interest already paid$53,843Through Nov 2026
Assumption only · ends Mar 2055$640,325
Assumption + second · ends Mar 2055, second Dec 2056$736,388
New conventional · ends Dec 2056$779,261