Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$57,564/mo
+$50,701/mo
Down payment
$862,622
Funds due
$880,826
Interest + MI left
$1,524
First ends
Jan 2027
Assumption

Assumption + second

$63,044/mo
+$56,181/mo
Down payment
$97,622
Funds due
$117,401
Interest + MI left
$1,209,523
First ends
Jan 2027
New loan

New conventional

$6,863/mo
Lowest payment
Down payment
$97,622
Funds due
$113,365
Interest + MI left
$1,330,603
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$112,378$112,378$877,378
Second mortgage—$765,000—
First P&I$56,650.15$56,650.15$6,074.79
Second P&I—$5,480.55—
Mortgage insurance$300.78$300.78$175.48
Taxes, insurance & HOA$612.83$612.83$612.83
Total housing payment$57,563.76$63,044.32$6,863.10

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$97,622
Closing costs & prepaids$19,779
Usable credit−$0
Total buyer cash needed$117,401
Earnest money paid−$0
Remaining funds due$117,401
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,188.50
Prepaid interest, first (2 days)$40.39
Prepaid interest, second (2 days)$324.86

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 closing2 moOf the original 1-year loan at 6.560%
Interest already paid$22,629Through Nov 2026
Assumption only · ends Jan 2027$1,524
Assumption + second · ends Jan 2027, second Dec 2056$1,209,523
New conventional · ends Dec 2056$1,330,603