Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,953/mo
Lowest payment
Down payment
$289,029
Funds due
$306,928
Interest + MI left
$181,221
First ends
Nov 2050
Assumption

Assumption + second

$4,479/mo
+$1,526/mo
Down payment
$76,029
Funds due
$95,585
Interest + MI left
$517,566
First ends
Nov 2050
New loan

New conventional

$5,451/mo
+$2,498/mo
Down payment
$76,029
Funds due
$90,897
Interest + MI left
$1,000,079
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$470,971$470,971$683,971
Second mortgage—$213,000—
First P&I$2,272.45$2,272.45$4,633.46
Second P&I—$1,525.96—
Mortgage insurance——$136.79
Taxes, insurance & HOA$680.75$680.75$680.75
Total housing payment$2,953.19$4,479.15$5,451.00

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$76,029
Closing costs & prepaids$19,557
Usable credit−$0
Total buyer cash needed$95,585
Earnest money paid−$0
Remaining funds due$95,585
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,354.86
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)$912.00
Initial HOA (3 months)$480.24
Prepaid interest, first (9 days)$334.45
Prepaid interest, second (9 days)$407.03

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 closing23 yr 11 moOf the original 30-year loan at 2.88%
Interest already paid$89,493Through Dec 2026
Assumption only · ends Nov 2050$181,221
Assumption + second · ends Nov 2050, second Jan 2057$517,566
New conventional · ends Jan 2057$1,000,079