Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,436/mo
Lowest payment
Down payment
$86,535
Funds due
$97,215
Interest + MI left
$419,667
First ends
Nov 2055
Assumption

Assumption + second

$2,798/mo
+$362/mo
Down payment
$41,535
Funds due
$53,476
Interest + MI left
$505,016
First ends
Nov 2055
New loan

New conventional

$2,874/mo
+$439/mo
Down payment
$41,535
Funds due
$50,018
Interest + MI left
$558,728
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$323,465$323,465$368,465
Second mortgage—$45,000—
First P&I$2,036.13$2,036.13$2,551.18
Second P&I—$362.08—
Mortgage insurance$149.98$149.98$73.69
Taxes, insurance & HOA$249.50$249.50$249.50
Total housing payment$2,435.61$2,797.69$2,874.37

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$41,535
Closing costs & prepaids$11,941
Usable credit−$0
Total buyer cash needed$53,476
Earnest money paid−$0
Remaining funds due$53,476
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$298.50
Prepaid interest, first (1 days)$56.27
Prepaid interest, second (1 days)$11.10

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 yrOf the original 30-year loan at 6.350%
Interest already paid$20,671Through Nov 2026
Assumption only · ends Nov 2055$419,667
Assumption + second · ends Nov 2055, second Dec 2056$505,016
New conventional · ends Dec 2056$558,728