Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,246/mo
Lowest payment
Down payment
$92,653
Funds due
$107,674
Interest + MI left
$386,085
First ends
Jul 2052
Assumption

Assumption + second

$3,520/mo
+$274/mo
Down payment
$58,653
Funds due
$74,999
Interest + MI left
$450,571
First ends
Jul 2052
New loan

New conventional

$4,037/mo
+$791/mo
Down payment
$58,653
Funds due
$70,168
Interest + MI left
$762,296
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$487,347$487,347$521,347
Second mortgage—$34,000—
First P&I$2,845.06$2,845.06$3,531.79
Second P&I—$273.57—
Mortgage insurance——$104.27
Taxes, insurance & HOA$401.17$401.17$401.17
Total housing payment$3,246.22$3,519.80$4,037.22

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$58,653
Closing costs & prepaids$16,347
Usable credit−$0
Total buyer cash needed$74,999
Earnest money paid−$0
Remaining funds due$74,999
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,436.74
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)$696.00
Initial HOA (3 months)$7.50
Prepaid interest, first (9 days)$612.86
Prepaid interest, second (9 days)$75.45

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 closing25 yr 7 moOf the original 30-year loan at 5.1%
Interest already paid$114,135Through Dec 2026
Assumption only · ends Jul 2052$386,085
Assumption + second · ends Jul 2052, second Jan 2057$450,571
New conventional · ends Jan 2057$762,296