Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,106/mo
Lowest payment
Down payment
$446,514
Funds due
$458,981
Interest + MI left
$65,048
First ends
Mar 2046
Assumption

Assumption + second

$3,900/mo
+$2,794/mo
Down payment
$56,514
Funds due
$70,396
Interest + MI left
$680,891
First ends
Mar 2046
New loan

New conventional

$3,887/mo
+$2,781/mo
Down payment
$56,514
Funds due
$66,796
Interest + MI left
$768,120
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$116,486$116,486$506,486
Second mortgage—$390,000—
First P&I$719.38$719.38$3,506.81
Second P&I—$2,794.01—
Mortgage insurance$107.25$107.25$101.30
Taxes, insurance & HOA$278.92$278.92$278.92
Total housing payment$1,105.54$3,899.55$3,887.02

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$56,514
Closing costs & prepaids$13,883
Usable credit−$0
Total buyer cash needed$70,396
Earnest money paid−$0
Remaining funds due$70,396
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,630.00
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)$336.75
Prepaid interest, first (2 days)$25.28
Prepaid interest, second (2 days)$165.62

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 closing19 yr 4 moOf the original 30-year loan at 3.960%
Interest already paid$57,155Through Nov 2026
Assumption only · ends Mar 2046$65,048
Assumption + second · ends Mar 2046, second Dec 2056$680,891
New conventional · ends Dec 2056$768,120