Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,342/mo
Lowest payment
Down payment
$104,192
Funds due
$115,804
Interest + MI left
$370,351
First ends
Jan 2054
Assumption

Assumption + second

$2,857/mo
+$515/mo
Down payment
$40,192
Funds due
$53,196
Interest + MI left
$491,736
First ends
Jan 2054
New loan

New conventional

$2,783/mo
+$440/mo
Down payment
$40,192
Funds due
$49,267
Interest + MI left
$518,717
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$290,808$290,808$354,808
Second mortgage—$64,000—
First P&I$2,034.33$2,034.33$2,403.59
Second P&I—$514.96—
Mortgage insurance——$70.96
Taxes, insurance & HOA$308.00$308.00$308.00
Total housing payment$2,342.33$2,857.29$2,782.55

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,192
Closing costs & prepaids$13,004
Usable credit−$0
Total buyer cash needed$53,196
Earnest money paid−$0
Remaining funds due$53,196
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,454.04
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)$474.00
Prepaid interest, first (9 days)$515.57
Prepaid interest, second (9 days)$142.03

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 closing27 yr 1 moOf the original 30-year loan at 7.19%
Interest already paid$62,010Through Dec 2026
Assumption only · ends Jan 2054$370,351
Assumption + second · ends Jan 2054, second Jan 2057$491,736
New conventional · ends Jan 2057$518,717