Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,942/mo
Lowest payment
Down payment
$186,804
Funds due
$206,232
Interest + MI left
$886,112
First ends
Nov 2055
Assumption

Assumption + second

$5,714/mo
+$772/mo
Down payment
$90,804
Funds due
$111,530
Interest + MI left
$1,068,190
First ends
Nov 2055
New loan

New conventional

$6,110/mo
+$1,168/mo
Down payment
$90,804
Funds due
$105,037
Interest + MI left
$1,227,049
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$713,096$713,096$809,096
Second mortgage—$96,000—
First P&I$4,595.43$4,595.43$5,602.02
Second P&I—$772.44—
Mortgage insurance——$161.82
Taxes, insurance & HOA$346.33$346.33$346.33
Total housing payment$4,941.76$5,714.20$6,110.17

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$90,804
Closing costs & prepaids$20,726
Usable credit−$0
Total buyer cash needed$111,530
Earnest money paid−$0
Remaining funds due$111,530
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,565.48
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)$389.00
Prepaid interest, first (2 days)$257.11
Prepaid interest, second (2 days)$47.34

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 6.580%
Interest already paid$47,207Through Nov 2026
Assumption only · ends Nov 2055$886,112
Assumption + second · ends Nov 2055, second Dec 2056$1,068,190
New conventional · ends Dec 2056$1,227,049