Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,198/mo
Lowest payment
Down payment
$564,109
Funds due
$578,486
Interest + MI left
$51,903
First ends
Dec 2050
Assumption

Assumption + second

$4,737/mo
+$3,539/mo
Down payment
$70,109
Funds due
$86,680
Interest + MI left
$831,971
First ends
Dec 2050
New loan

New conventional

$4,936/mo
+$3,738/mo
Down payment
$70,109
Funds due
$83,335
Interest + MI left
$919,543
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$134,891$134,891$628,891
Second mortgage—$494,000—
First P&I$648.59$648.59$4,260.33
Second P&I—$3,539.08—
Mortgage insurance——$125.78
Taxes, insurance & HOA$549.58$549.58$549.58
Total housing payment$1,198.17$4,737.25$4,935.68

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$70,109
Closing costs & prepaids$16,571
Usable credit−$0
Total buyer cash needed$86,680
Earnest money paid−$0
Remaining funds due$86,680
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$674.45
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)$838.75
Initial HOA (3 months)$309.99
Prepaid interest, first (9 days)$95.46
Prepaid interest, second (9 days)$944.01

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 yrOf the original 30-year loan at 2.87%
Interest already paid$25,161Through Dec 2026
Assumption only · ends Dec 2050$51,903
Assumption + second · ends Dec 2050, second Jan 2057$831,971
New conventional · ends Jan 2057$919,543