Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,770/mo
Lowest payment
Down payment
$171,279
Funds due
$185,377
Interest + MI left
$562,157
First ends
Mar 2054
Assumption

Assumption + second

$4,584/mo
+$814/mo
Down payment
$60,279
Funds due
$75,652
Interest + MI left
$744,369
First ends
Mar 2054
New loan

New conventional

$4,526/mo
+$756/mo
Down payment
$60,279
Funds due
$72,004
Interest + MI left
$818,523
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$428,721$428,721$539,721
Second mortgage—$111,000—
First P&I$2,886.41$2,886.41$3,736.92
Second P&I—$814.48—
Mortgage insurance$202.51$202.51$107.94
Taxes, insurance & HOA$681.08$681.08$681.08
Total housing payment$3,770.01$4,584.49$4,525.95

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$60,279
Closing costs & prepaids$15,373
Usable credit−$0
Total buyer cash needed$75,652
Earnest money paid−$0
Remaining funds due$75,652
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$643.25
Initial HOA (3 months)$900.00
Prepaid interest, first (1 days)$80.11
Prepaid interest, second (1 days)$24.33

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 6.820%
Interest already paid$79,237Through Nov 2026
Assumption only · ends Mar 2054$562,157
Assumption + second · ends Mar 2054, second Dec 2056$744,369
New conventional · ends Dec 2056$818,523