Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,744/mo
Lowest payment
Down payment
$422,993
Funds due
$440,813
Interest + MI left
$200,791
First ends
Jun 2050
Assumption

Assumption + second

$5,158/mo
+$2,414/mo
Down payment
$85,993
Funds due
$105,135
Interest + MI left
$732,942
First ends
Jun 2050
New loan

New conventional

$5,968/mo
+$3,224/mo
Down payment
$85,993
Funds due
$100,139
Interest + MI left
$1,158,515
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$427,007$427,007$764,007
Second mortgage—$337,000—
First P&I$2,218.37$2,218.37$5,289.83
Second P&I—$2,414.31—
Mortgage insurance——$152.80
Taxes, insurance & HOA$525.42$525.42$525.42
Total housing payment$2,743.78$5,158.09$5,968.05

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$85,993
Closing costs & prepaids$19,142
Usable credit−$0
Total buyer cash needed$105,135
Earnest money paid−$0
Remaining funds due$105,135
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,135.04
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)$926.25
Prepaid interest, first (1 days)$40.95
Prepaid interest, second (1 days)$71.55

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing23 yr 7 moOf the original 30-year loan at 3.500%
Interest already paid$103,802Through Nov 2026
Assumption only · ends Jun 2050$200,791
Assumption + second · ends Jun 2050, second Dec 2056$732,942
New conventional · ends Dec 2056$1,158,515