Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,069/mo
Lowest payment
Down payment
$54,721
Funds due
$65,427
Interest + MI left
$297,625
First ends
Aug 2053
Assumption

Assumption + second

$2,456/mo
+$387/mo
Down payment
$16,721
Funds due
$28,788
Interest + MI left
$399,024
First ends
Aug 2053
New loan

New conventional

$2,460/mo
+$391/mo
Down payment
$16,721
Funds due
$25,216
Interest + MI left
$458,290
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$274,279$274,279$312,279
Second mortgage—$38,000—
First P&I$1,787.20$1,787.20$2,115.49
Second P&I—$387.22—
Mortgage insurance——$62.46
Taxes, insurance & HOA$281.58$281.58$281.58
Total housing payment$2,068.78$2,456.00$2,459.53

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$16,721
Closing costs & prepaids$12,068
Usable credit−$0
Total buyer cash needed$28,788
Earnest money paid−$0
Remaining funds due$28,788
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,371.40
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$394.75
Prepaid interest, first (9 days)$432.16
Prepaid interest, second (9 days)$111.27

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 closing26 yr 8 moOf the original 30-year loan at 6.39%
Interest already paid$59,747Through Dec 2026
Assumption only · ends Aug 2053$297,625
Assumption + second · ends Aug 2053, second Jan 2057$399,024
New conventional · ends Jan 2057$458,290