Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,516/mo
Lowest payment
Down payment
$90,266
Funds due
$108,608
Interest + MI left
$727,894
First ends
Jan 2055
Assumption

Assumption + second

$5,067/mo
+$550/mo
Down payment
$36,266
Funds due
$56,016
Interest + MI left
$871,988
First ends
Jan 2055
New loan

New conventional

$5,236/mo
+$720/mo
Down payment
$36,266
Funds due
$50,538
Interest + MI left
$996,087
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$624,734$624,734$678,734
Second mortgage—$54,000—
First P&I$4,013.73$4,013.73$4,597.98
Second P&I—$550.26—
Mortgage insurance——$135.75
Taxes, insurance & HOA$502.67$502.67$502.67
Total housing payment$4,516.40$5,066.66$5,236.39

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$36,266
Closing costs & prepaids$19,750
Usable credit−$0
Total buyer cash needed$56,016
Earnest money paid−$0
Remaining funds due$56,016
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,123.67
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)$858.00
Prepaid interest, first (9 days)$992.04
Prepaid interest, second (9 days)$158.12

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 yr 1 moOf the original 30-year loan at 6.44%
Interest already paid$78,050Through Dec 2026
Assumption only · ends Jan 2055$727,894
Assumption + second · ends Jan 2055, second Jan 2057$871,988
New conventional · ends Jan 2057$996,087