Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,163/mo
Lowest payment
Down payment
$140,159
Funds due
$153,601
Interest + MI left
$258,153
First ends
May 2045
Assumption

Assumption + second

$3,887/mo
+$724/mo
Down payment
$50,159
Funds due
$65,051
Interest + MI left
$428,850
First ends
May 2045
New loan

New conventional

$3,503/mo
+$341/mo
Down payment
$50,159
Funds due
$60,728
Interest + MI left
$657,596
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$359,741$359,741$449,741
Second mortgage—$90,000—
First P&I$2,795.90$2,795.90$3,046.70
Second P&I—$724.16—
Mortgage insurance——$89.95
Taxes, insurance & HOA$366.67$366.67$366.67
Total housing payment$3,162.57$3,886.73$3,503.32

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$50,159
Closing costs & prepaids$14,892
Usable credit−$0
Total buyer cash needed$65,051
Earnest money paid−$0
Remaining funds due$65,051
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,798.71
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)$600.00
Prepaid interest, first (9 days)$576.57
Prepaid interest, second (9 days)$199.73

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing18 yr 5 moOf the original 20-year loan at 6.5%
Interest already paid$37,863Through Dec 2026
Assumption only · ends May 2045$258,153
Assumption + second · ends May 2045, second Jan 2057$428,850
New conventional · ends Jan 2057$657,596