Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,147/mo
Lowest payment
Down payment
$55,734
Funds due
$67,324
Interest + MI left
$458,839
First ends
Jul 2053
Assumption

Assumption + second

$3,494/mo
+$346/mo
Down payment
$21,734
Funds due
$34,585
Interest + MI left
$549,565
First ends
Jul 2053
New loan

New conventional

$3,363/mo
+$215/mo
Down payment
$21,734
Funds due
$31,321
Interest + MI left
$609,873
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$366,766$366,766$400,766
Second mortgage—$34,000—
First P&I$2,464.67$2,464.67$2,774.82
Second P&I—$346.46—
Mortgage insurance$174.88$174.88$80.15
Taxes, insurance & HOA$507.67$507.67$507.67
Total housing payment$3,147.22$3,493.68$3,362.64

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$21,734
Closing costs & prepaids$12,851
Usable credit−$0
Total buyer cash needed$34,585
Earnest money paid−$0
Remaining funds due$34,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,225.00
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)$695.00
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$67.42
Prepaid interest, second (1 days)$11.06

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 8 moOf the original 30-year loan at 6.710%
Interest already paid$83,791Through Nov 2026
Assumption only · ends Jul 2053$458,839
Assumption + second · ends Jul 2053, second Dec 2056$549,565
New conventional · ends Dec 2056$609,873