Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,364/mo
Lowest payment
Down payment
$401,107
Funds due
$418,026
Interest + MI left
$179,226
First ends
Jul 2051
Assumption

Assumption + second

$4,685/mo
+$2,321/mo
Down payment
$77,107
Funds due
$95,895
Interest + MI left
$690,850
First ends
Jul 2051
New loan

New conventional

$5,320/mo
+$2,957/mo
Down payment
$77,107
Funds due
$91,547
Interest + MI left
$1,005,813
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$363,893$363,893$687,893
Second mortgage—$324,000—
First P&I$1,841.08$1,841.08$4,660.03
Second P&I—$2,321.18—
Mortgage insurance——$137.58
Taxes, insurance & HOA$522.67$522.67$522.67
Total housing payment$2,363.75$4,684.93$5,320.27

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$77,107
Closing costs & prepaids$18,789
Usable credit−$0
Total buyer cash needed$95,895
Earnest money paid−$0
Remaining funds due$95,895
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,819.47
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)$918.00
Prepaid interest, first (9 days)$314.04
Prepaid interest, second (9 days)$619.15

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 closing24 yr 7 moOf the original 30-year loan at 3.5%
Interest already paid$73,564Through Dec 2026
Assumption only · ends Jul 2051$179,226
Assumption + second · ends Jul 2051, second Jan 2057$690,850
New conventional · ends Jan 2057$1,005,813