Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,247/mo
Lowest payment
Down payment
$587,596
Funds due
$605,721
Interest + MI left
$149,693
First ends
Dec 2049
Assumption

Assumption + second

$5,807/mo
+$3,561/mo
Down payment
$90,596
Funds due
$110,921
Interest + MI left
$934,498
First ends
Dec 2049
New loan

New conventional

$6,214/mo
+$3,967/mo
Down payment
$90,596
Funds due
$106,615
Interest + MI left
$1,182,020
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$311,404$311,404$808,404
Second mortgage—$497,000—
First P&I$1,670.64$1,670.64$5,476.41
Second P&I—$3,560.57—
Mortgage insurance——$161.68
Taxes, insurance & HOA$576.25$576.25$576.25
Total housing payment$2,246.89$5,807.46$6,214.34

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$90,596
Closing costs & prepaids$20,325
Usable credit−$0
Total buyer cash needed$110,921
Earnest money paid−$0
Remaining funds due$110,921
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,557.02
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)$1,078.75
Prepaid interest, first (9 days)$281.03
Prepaid interest, second (9 days)$949.75

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 yrOf the original 30-year loan at 3.66%
Interest already paid$86,988Through Dec 2026
Assumption only · ends Dec 2049$149,693
Assumption + second · ends Dec 2049, second Jan 2057$934,498
New conventional · ends Jan 2057$1,182,020