Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,301/mo
Lowest payment
Down payment
$96,228
Funds due
$108,299
Interest + MI left
$558,928
First ends
Jul 2054
Assumption

Assumption + second

$3,663/mo
+$362/mo
Down payment
$51,228
Funds due
$64,560
Interest + MI left
$644,276
First ends
Jul 2054
New loan

New conventional

$3,555/mo
+$254/mo
Down payment
$51,228
Funds due
$61,000
Interest + MI left
$688,085
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$408,772$408,772$453,772
Second mortgage—$45,000—
First P&I$2,786.20$2,786.20$3,141.83
Second P&I—$362.08—
Mortgage insurance$192.14$192.14$90.75
Taxes, insurance & HOA$322.50$322.50$322.50
Total housing payment$3,300.84$3,662.92$3,555.08

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$51,228
Closing costs & prepaids$13,332
Usable credit−$0
Total buyer cash needed$64,560
Earnest money paid−$0
Remaining funds due$64,560
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$467.50
Prepaid interest, first (1 days)$78.28
Prepaid interest, second (1 days)$11.10

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 closing27 yr 8 moOf the original 30-year loan at 6.990%
Interest already paid$67,575Through Nov 2026
Assumption only · ends Jul 2054$558,928
Assumption + second · ends Jul 2054, second Dec 2056$644,276
New conventional · ends Dec 2056$688,085