Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,107/mo
Lowest payment
Down payment
$95,877
Funds due
$112,223
Interest + MI left
$636,438
First ends
Oct 2053
Assumption

Assumption + second

$4,356/mo
+$249/mo
Down payment
$64,877
Funds due
$82,542
Interest + MI left
$695,234
First ends
Oct 2053
New loan

New conventional

$4,471/mo
+$364/mo
Down payment
$64,877
Funds due
$77,154
Interest + MI left
$848,236
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$549,123$549,123$580,123
Second mortgage—$31,000—
First P&I$3,681.87$3,681.87$3,929.96
Second P&I—$249.43—
Mortgage insurance——$116.02
Taxes, insurance & HOA$424.67$424.67$424.67
Total housing payment$4,106.53$4,355.97$4,470.65

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$64,877
Closing costs & prepaids$17,665
Usable credit−$0
Total buyer cash needed$82,542
Earnest money paid−$0
Remaining funds due$82,542
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,745.62
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$774.00
Prepaid interest, first (9 days)$908.54
Prepaid interest, second (9 days)$68.79

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 10 moOf the original 30-year loan at 6.71%
Interest already paid$119,034Through Dec 2026
Assumption only · ends Oct 2053$636,438
Assumption + second · ends Oct 2053, second Jan 2057$695,234
New conventional · ends Jan 2057$848,236