Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,674/mo
Lowest payment
Down payment
$138,318
Funds due
$151,774
Interest + MI left
$445,926
First ends
Feb 2056
Assumption

Assumption + second

$3,382/mo
+$708/mo
Down payment
$50,318
Funds due
$65,219
Interest + MI left
$612,831
First ends
Feb 2056
New loan

New conventional

$3,503/mo
+$829/mo
Down payment
$50,318
Funds due
$60,886
Interest + MI left
$657,509
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$361,682$361,682$449,682
Second mortgage—$88,000—
First P&I$2,307.45$2,307.45$3,046.30
Second P&I—$708.07—
Mortgage insurance——$89.94
Taxes, insurance & HOA$366.67$366.67$366.67
Total housing payment$2,674.12$3,382.19$3,502.91

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$50,318
Closing costs & prepaids$14,901
Usable credit−$0
Total buyer cash needed$65,219
Earnest money paid−$0
Remaining funds due$65,219
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,808.41
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)$579.68
Prepaid interest, second (9 days)$195.29

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 closing29 yr 2 moOf the original 30-year loan at 6.5%
Interest already paid$19,693Through Dec 2026
Assumption only · ends Feb 2056$445,926
Assumption + second · ends Feb 2056, second Jan 2057$612,831
New conventional · ends Jan 2057$657,509