Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,733/mo
Lowest payment
Down payment
$68,948
Funds due
$81,914
Interest + MI left
$641,057
First ends
Feb 2056
Assumption

Assumption + second

$4,141/mo
+$408/mo
Down payment
$28,948
Funds due
$43,177
Interest + MI left
$747,793
First ends
Feb 2056
New loan

New conventional

$4,275/mo
+$542/mo
Down payment
$28,948
Funds due
$39,850
Interest + MI left
$831,073
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$506,052$506,052$546,052
Second mortgage—$40,000—
First P&I$3,113.91$3,113.91$3,780.75
Second P&I—$407.60—
Mortgage insurance$234.02$234.02$109.21
Taxes, insurance & HOA$385.25$385.25$385.25
Total housing payment$3,733.18$4,140.78$4,275.21

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$28,948
Closing costs & prepaids$14,229
Usable credit−$0
Total buyer cash needed$43,177
Earnest money paid−$0
Remaining funds due$43,177
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$205.75
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$85.41
Prepaid interest, second (1 days)$13.01

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 closing29 yr 3 moOf the original 30-year loan at 6.160%
Interest already paid$23,497Through Nov 2026
Assumption only · ends Feb 2056$641,057
Assumption + second · ends Feb 2056, second Dec 2056$747,793
New conventional · ends Dec 2056$831,073