Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,216/mo
Lowest payment
Down payment
$168,644
Funds due
$183,691
Interest + MI left
$526,788
First ends
May 2055
Assumption

Assumption + second

$4,009/mo
+$792/mo
Down payment
$60,644
Funds due
$77,154
Interest + MI left
$704,076
First ends
May 2055
New loan

New conventional

$4,168/mo
+$951/mo
Down payment
$60,644
Funds due
$72,386
Interest + MI left
$788,481
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$431,256$431,256$539,256
Second mortgage—$108,000—
First P&I$2,809.51$2,809.51$3,653.11
Second P&I—$792.47—
Mortgage insurance——$107.85
Taxes, insurance & HOA$406.67$406.67$406.67
Total housing payment$3,216.18$4,008.65$4,167.63

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$60,644
Closing costs & prepaids$16,510
Usable credit−$0
Total buyer cash needed$77,154
Earnest money paid−$0
Remaining funds due$77,154
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,156.28
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)$720.00
Prepaid interest, first (9 days)$703.95
Prepaid interest, second (9 days)$213.04

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 5 moOf the original 30-year loan at 6.62%
Interest already paid$45,637Through Dec 2026
Assumption only · ends May 2055$526,788
Assumption + second · ends May 2055, second Jan 2057$704,076
New conventional · ends Jan 2057$788,481