Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,036/mo
Lowest payment
Down payment
$100,596
Funds due
$112,435
Interest + MI left
$496,369
First ends
Mar 2054
Assumption

Assumption + second

$3,438/mo
+$402/mo
Down payment
$50,596
Funds due
$63,709
Interest + MI left
$591,201
First ends
Mar 2054
New loan

New conventional

$3,442/mo
+$406/mo
Down payment
$50,596
Funds due
$60,169
Interest + MI left
$681,462
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$399,404$399,404$449,404
Second mortgage—$50,000—
First P&I$2,606.60$2,606.60$3,111.58
Second P&I—$402.31—
Mortgage insurance$189.01$189.01$89.88
Taxes, insurance & HOA$240.50$240.50$240.50
Total housing payment$3,036.11$3,438.42$3,441.96

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$50,596
Closing costs & prepaids$13,113
Usable credit−$0
Total buyer cash needed$63,709
Earnest money paid−$0
Remaining funds due$63,709
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$221.50
Prepaid interest, first (2 days)$142.25
Prepaid interest, second (2 days)$24.66

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.500%
Interest already paid$70,423Through Nov 2026
Assumption only · ends Mar 2054$496,369
Assumption + second · ends Mar 2054, second Dec 2056$591,201
New conventional · ends Dec 2056$681,462