Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,194/mo
Lowest payment
Down payment
$73,789
Funds due
$85,077
Interest + MI left
$287,591
First ends
Mar 2053
Assumption

Assumption + second

$2,500/mo
+$306/mo
Down payment
$35,789
Funds due
$48,411
Interest + MI left
$359,663
First ends
Mar 2053
New loan

New conventional

$2,595/mo
+$402/mo
Down payment
$35,789
Funds due
$44,674
Interest + MI left
$459,366
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$276,211$276,211$314,211
Second mortgage—$38,000—
First P&I$1,789.85$1,789.85$2,128.57
Second P&I—$305.76—
Mortgage insurance——$62.84
Taxes, insurance & HOA$404.00$404.00$404.00
Total housing payment$2,193.85$2,499.60$2,595.42

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$35,789
Closing costs & prepaids$12,622
Usable credit−$0
Total buyer cash needed$48,411
Earnest money paid−$0
Remaining funds due$48,411
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,381.06
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)$420.00
Initial HOA (3 months)$342.00
Prepaid interest, first (9 days)$427.03
Prepaid interest, second (9 days)$84.33

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 3 moOf the original 30-year loan at 6.27%
Interest already paid$66,674Through Dec 2026
Assumption only · ends Mar 2053$287,591
Assumption + second · ends Mar 2053, second Jan 2057$359,663
New conventional · ends Jan 2057$459,366