Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,827/mo
Lowest payment
Down payment
$385,610
Funds due
$398,495
Interest + MI left
$72,573
First ends
Nov 2041
Assumption

Assumption + second

$4,199/mo
+$2,371/mo
Down payment
$54,610
Funds due
$68,815
Interest + MI left
$595,250
First ends
Nov 2041
New loan

New conventional

$3,955/mo
+$2,128/mo
Down payment
$54,610
Funds due
$65,229
Interest + MI left
$736,030
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$154,390$154,390$485,390
Second mortgage—$331,000—
First P&I$1,163.00$1,163.00$3,360.74
Second P&I—$2,371.32—
Mortgage insurance$167.06$167.06$97.08
Taxes, insurance & HOA$497.25$497.25$497.25
Total housing payment$1,827.31$4,198.64$3,955.07

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$54,610
Closing costs & prepaids$14,205
Usable credit−$0
Total buyer cash needed$68,815
Earnest money paid−$0
Remaining funds due$68,815
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,400.00
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)$751.75
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$18.06
Prepaid interest, second (1 days)$70.28

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 closing15 yrOf the original 30-year loan at 4.270%
Interest already paid$127,880Through Nov 2026
Assumption only · ends Nov 2041$72,573
Assumption + second · ends Nov 2041, second Dec 2056$595,250
New conventional · ends Dec 2056$736,030