Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$388/mo
Lowest payment
Down payment
$350,323
Funds due
$360,534
Interest + MI left
$24,739
First ends
Mar 2053
Assumption

Assumption + second

$2,630/mo
+$2,242/mo
Down payment
$37,323
Funds due
$48,850
Interest + MI left
$518,992
First ends
Mar 2053
New loan

New conventional

$2,614/mo
+$2,226/mo
Down payment
$37,323
Funds due
$45,425
Interest + MI left
$504,526
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$19,676$19,676$332,676
Second mortgage—$313,000—
First P&I$134.47$134.47$2,303.38
Second P&I—$2,242.37—
Mortgage insurance$9.21$9.21$66.54
Taxes, insurance & HOA$244.17$244.17$244.17
Total housing payment$387.85$2,630.22$2,614.08

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$37,323
Closing costs & prepaids$11,528
Usable credit−$0
Total buyer cash needed$48,850
Earnest money paid−$0
Remaining funds due$48,850
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.99
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)$282.50
Prepaid interest, first (1 days)$3.69
Prepaid interest, second (1 days)$66.46

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 4 moOf the original 28-year loan at 6.840%
Interest already paid$2,269Through Nov 2026
Assumption only · ends Mar 2053$24,739
Assumption + second · ends Mar 2053, second Dec 2056$518,992
New conventional · ends Dec 2056$504,526