Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,851/mo
Lowest payment
Down payment
$47,347
Funds due
$59,947
Interest + MI left
$413,946
First ends
Sep 2053
Assumption

Assumption + second

$3,116/mo
+$265/mo
Down payment
$21,347
Funds due
$35,273
Interest + MI left
$483,324
First ends
Sep 2053
New loan

New conventional

$3,161/mo
+$311/mo
Down payment
$21,347
Funds due
$31,203
Interest + MI left
$577,633
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$367,653$367,653$393,653
Second mortgage—$26,000—
First P&I$2,434.89$2,434.89$2,666.74
Second P&I—$264.94—
Mortgage insurance——$78.73
Taxes, insurance & HOA$416.00$416.00$416.00
Total housing payment$2,850.89$3,115.83$3,161.47

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$21,347
Closing costs & prepaids$13,926
Usable credit−$0
Total buyer cash needed$35,273
Earnest money paid−$0
Remaining funds due$35,273
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,838.27
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)$498.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$595.60
Prepaid interest, second (9 days)$76.13

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 9 moOf the original 30-year loan at 6.57%
Interest already paid$80,178Through Dec 2026
Assumption only · ends Sep 2053$413,946
Assumption + second · ends Sep 2053, second Jan 2057$483,324
New conventional · ends Jan 2057$577,633