Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$491/mo
Lowest payment
Down payment
$447,788
Funds due
$459,580
Interest + MI left
$12,528
First ends
Sep 2051
Assumption

Assumption + second

$3,364/mo
+$2,873/mo
Down payment
$46,788
Funds due
$60,001
Interest + MI left
$645,741
First ends
Sep 2051
New loan

New conventional

$3,348/mo
+$2,857/mo
Down payment
$46,788
Funds due
$56,477
Interest + MI left
$626,430
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$12,112$12,112$413,112
Second mortgage—$401,000—
First P&I$76.87$76.87$2,860.30
Second P&I—$2,872.81—
Mortgage insurance$9.15$9.15$82.62
Taxes, insurance & HOA$405.00$405.00$405.00
Total housing payment$491.02$3,363.83$3,347.93

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$46,788
Closing costs & prepaids$13,213
Usable credit−$0
Total buyer cash needed$60,001
Earnest money paid−$0
Remaining funds due$60,001
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.00
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)$526.00
Initial HOA (3 months)$189.00
Prepaid interest, first (2 days)$3.86
Prepaid interest, second (2 days)$170.29

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 closing24 yr 10 moOf the original 29-year loan at 5.810%
Interest already paid$3,036Through Nov 2026
Assumption only · ends Sep 2051$12,528
Assumption + second · ends Sep 2051, second Dec 2056$645,741
New conventional · ends Dec 2056$626,430