Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,958/mo
Lowest payment
Down payment
$235,564
Funds due
$254,318
Interest + MI left
$497,325
First ends
Oct 2052
Assumption

Assumption + second

$5,095/mo
+$1,137/mo
Down payment
$80,564
Funds due
$100,874
Interest + MI left
$751,765
First ends
Oct 2052
New loan

New conventional

$5,547/mo
+$1,589/mo
Down payment
$80,564
Funds due
$95,404
Interest + MI left
$1,050,472
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$563,436$563,436$718,436
Second mortgage—$155,000—
First P&I$3,421.81$3,421.81$4,866.94
Second P&I—$1,137.34—
Mortgage insurance——$143.69
Taxes, insurance & HOA$536.25$536.25$536.25
Total housing payment$3,958.06$5,095.39$5,546.87

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$80,564
Closing costs & prepaids$20,309
Usable credit−$0
Total buyer cash needed$100,874
Earnest money paid−$0
Remaining funds due$100,874
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,817.18
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)$958.75
Prepaid interest, first (9 days)$769.67
Prepaid interest, second (9 days)$305.75

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 closing25 yr 10 moOf the original 30-year loan at 5.54%
Interest already paid$134,526Through Dec 2026
Assumption only · ends Oct 2052$497,325
Assumption + second · ends Oct 2052, second Jan 2057$751,765
New conventional · ends Jan 2057$1,050,472