Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,549/mo
Lowest payment
Down payment
$47,601
Funds due
$59,544
Interest + MI left
$430,196
First ends
Nov 2055
Assumption

Assumption + second

$2,824/mo
+$275/mo
Down payment
$20,601
Funds due
$33,873
Interest + MI left
$502,243
First ends
Nov 2055
New loan

New conventional

$2,919/mo
+$370/mo
Down payment
$20,601
Funds due
$29,907
Interest + MI left
$549,380
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$347,399$347,399$374,399
Second mortgage—$27,000—
First P&I$2,240.91$2,240.91$2,536.31
Second P&I—$275.13—
Mortgage insurance——$74.88
Taxes, insurance & HOA$308.00$308.00$308.00
Total housing payment$2,548.91$2,824.04$2,919.19

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$20,601
Closing costs & prepaids$13,272
Usable credit−$0
Total buyer cash needed$33,873
Earnest money paid−$0
Remaining funds due$33,873
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,737.00
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)$474.00
Prepaid interest, first (9 days)$563.64
Prepaid interest, second (9 days)$79.06

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 closing28 yr 11 moOf the original 30-year loan at 6.58%
Interest already paid$24,927Through Dec 2026
Assumption only · ends Nov 2055$430,196
Assumption + second · ends Nov 2055, second Jan 2057$502,243
New conventional · ends Jan 2057$549,380