Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,007/mo
Lowest payment
Down payment
$45,257
Funds due
$55,943
Interest + MI left
$331,611
First ends
Jun 2056
Assumption

Assumption + second

$2,302/mo
+$296/mo
Down payment
$16,257
Funds due
$28,278
Interest + MI left
$408,995
First ends
Jun 2056
New loan

New conventional

$2,433/mo
+$426/mo
Down payment
$16,257
Funds due
$24,706
Interest + MI left
$453,101
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$279,743$279,743$308,743
Second mortgage—$29,000—
First P&I$1,726.99$1,726.99$2,091.53
Second P&I—$295.51—
Mortgage insurance——$61.75
Taxes, insurance & HOA$280.00$280.00$280.00
Total housing payment$2,006.99$2,302.50$2,433.28

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$16,257
Closing costs & prepaids$12,021
Usable credit−$0
Total buyer cash needed$28,278
Earnest money paid−$0
Remaining funds due$28,278
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,398.71
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$390.00
Prepaid interest, first (9 days)$429.04
Prepaid interest, second (9 days)$84.91

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 6 moOf the original 30-year loan at 6.22%
Interest already paid$8,730Through Dec 2026
Assumption only · ends Jun 2056$331,611
Assumption + second · ends Jun 2056, second Jan 2057$408,995
New conventional · ends Jan 2057$453,101