Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,815/mo
Lowest payment
Down payment
$84,191
Funds due
$103,581
Interest + MI left
$750,167
First ends
Dec 2054
Assumption

Assumption + second

$5,274/mo
+$459/mo
Down payment
$39,191
Funds due
$59,962
Interest + MI left
$870,245
First ends
Dec 2054
New loan

New conventional

$5,658/mo
+$843/mo
Down payment
$39,191
Funds due
$54,207
Interest + MI left
$1,079,848
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$690,809$690,809$735,809
Second mortgage—$45,000—
First P&I$4,288.62$4,288.62$4,984.63
Second P&I—$458.55—
Mortgage insurance——$147.16
Taxes, insurance & HOA$526.67$526.67$526.67
Total housing payment$4,815.29$5,273.84$5,658.45

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$39,191
Closing costs & prepaids$20,771
Usable credit−$0
Total buyer cash needed$59,962
Earnest money paid−$0
Remaining funds due$59,962
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,454.04
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)$930.00
Prepaid interest, first (9 days)$1,037.35
Prepaid interest, second (9 days)$131.76

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 yrOf the original 30-year loan at 6.09%
Interest already paid$85,282Through Dec 2026
Assumption only · ends Dec 2054$750,167
Assumption + second · ends Dec 2054, second Jan 2057$870,245
New conventional · ends Jan 2057$1,079,848