Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,731/mo
Lowest payment
Down payment
$66,746
Funds due
$79,614
Interest + MI left
$570,456
First ends
Mar 2054
Assumption

Assumption + second

$4,139/mo
+$408/mo
Down payment
$26,746
Funds due
$40,877
Interest + MI left
$677,192
First ends
Mar 2054
New loan

New conventional

$4,032/mo
+$301/mo
Down payment
$26,746
Funds due
$37,564
Interest + MI left
$743,009
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$448,254$448,254$488,254
Second mortgage—$40,000—
First P&I$2,965.73$2,965.73$3,380.57
Second P&I—$407.60—
Mortgage insurance$211.96$211.96$97.65
Taxes, insurance & HOA$553.67$553.67$553.67
Total housing payment$3,731.35$4,138.95$4,031.89

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$26,746
Closing costs & prepaids$14,131
Usable credit−$0
Total buyer cash needed$40,877
Earnest money paid−$0
Remaining funds due$40,877
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$783.00
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$81.55
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 closing27 yr 4 moOf the original 30-year loan at 6.640%
Interest already paid$80,704Through Nov 2026
Assumption only · ends Mar 2054$570,456
Assumption + second · ends Mar 2054, second Dec 2056$677,192
New conventional · ends Dec 2056$743,009