Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,766/mo
Lowest payment
Down payment
$53,328
Funds due
$65,855
Interest + MI left
$382,302
First ends
Apr 2053
Assumption

Assumption + second

$3,092/mo
+$326/mo
Down payment
$21,328
Funds due
$35,198
Interest + MI left
$467,691
First ends
Apr 2053
New loan

New conventional

$3,158/mo
+$391/mo
Down payment
$21,328
Funds due
$31,173
Interest + MI left
$577,661
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$361,672$361,672$393,672
Second mortgage—$32,000—
First P&I$2,354.35$2,354.35$2,666.87
Second P&I—$326.08—
Mortgage insurance——$78.73
Taxes, insurance & HOA$412.00$412.00$412.00
Total housing payment$2,766.35$3,092.43$3,157.61

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$21,328
Closing costs & prepaids$13,871
Usable credit−$0
Total buyer cash needed$35,198
Earnest money paid−$0
Remaining funds due$35,198
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,808.36
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)$498.00
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$564.51
Prepaid interest, second (9 days)$93.70

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 4 moOf the original 30-year loan at 6.33%
Interest already paid$86,099Through Dec 2026
Assumption only · ends Apr 2053$382,302
Assumption + second · ends Apr 2053, second Jan 2057$467,691
New conventional · ends Jan 2057$577,661