Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,580/mo
Lowest payment
Down payment
$81,289
Funds due
$92,091
Interest + MI left
$382,099
First ends
May 2053
Assumption

Assumption + second

$2,910/mo
+$330/mo
Down payment
$40,289
Funds due
$52,351
Interest + MI left
$459,861
First ends
May 2053
New loan

New conventional

$2,886/mo
+$306/mo
Down payment
$40,289
Funds due
$48,904
Interest + MI left
$545,526
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$318,711$318,711$359,711
Second mortgage—$41,000—
First P&I$2,103.90$2,103.90$2,490.57
Second P&I—$329.90—
Mortgage insurance$152.56$152.56$71.94
Taxes, insurance & HOA$323.33$323.33$323.33
Total housing payment$2,579.79$2,909.68$2,885.84

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,289
Closing costs & prepaids$12,062
Usable credit−$0
Total buyer cash needed$52,351
Earnest money paid−$0
Remaining funds due$52,351
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$358.00
Initial HOA (3 months)$162.00
Prepaid interest, first (1 days)$56.76
Prepaid interest, second (1 days)$10.11

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 closing26 yr 6 moOf the original 30-year loan at 6.500%
Interest already paid$74,215Through Nov 2026
Assumption only · ends May 2053$382,099
Assumption + second · ends May 2053, second Dec 2056$459,861
New conventional · ends Dec 2056$545,526