Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,326/mo
Lowest payment
Down payment
$93,086
Funds due
$107,182
Interest + MI left
$570,492
First ends
Nov 2055
Assumption

Assumption + second

$3,623/mo
+$298/mo
Down payment
$56,086
Funds due
$71,450
Interest + MI left
$640,668
First ends
Nov 2055
New loan

New conventional

$3,930/mo
+$604/mo
Down payment
$56,086
Funds due
$66,536
Interest + MI left
$762,703
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$465,914$465,914$502,914
Second mortgage—$37,000—
First P&I$2,978.18$2,978.18$3,482.07
Second P&I—$297.71—
Mortgage insurance——$100.58
Taxes, insurance & HOA$347.33$347.33$347.33
Total housing payment$3,325.51$3,623.22$3,929.99

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$56,086
Closing costs & prepaids$15,364
Usable credit−$0
Total buyer cash needed$71,450
Earnest money paid−$0
Remaining funds due$71,450
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,329.57
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)$542.00
Prepaid interest, first (2 days)$165.94
Prepaid interest, second (2 days)$18.25

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing29 yrOf the original 30-year loan at 6.500%
Interest already paid$30,472Through Nov 2026
Assumption only · ends Nov 2055$570,492
Assumption + second · ends Nov 2055, second Dec 2056$640,668
New conventional · ends Dec 2056$762,703