Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,506/mo
Lowest payment
Down payment
$517,071
Funds due
$532,386
Interest + MI left
$85,518
First ends
Sep 2050
Assumption

Assumption + second

$4,687/mo
+$3,181/mo
Down payment
$73,071
Funds due
$89,730
Interest + MI left
$786,631
First ends
Sep 2050
New loan

New conventional

$5,124/mo
+$3,618/mo
Down payment
$73,071
Funds due
$85,937
Interest + MI left
$988,694
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$207,929$207,929$651,929
Second mortgage—$444,000—
First P&I$1,026.04$1,026.04$4,513.82
Second P&I—$3,180.87—
Mortgage insurance——$130.39
Taxes, insurance & HOA$479.75$479.75$479.75
Total housing payment$1,505.79$4,686.66$5,123.96

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$73,071
Closing costs & prepaids$16,659
Usable credit−$0
Total buyer cash needed$89,730
Earnest money paid−$0
Remaining funds due$89,730
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,039.64
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)$789.25
Prepaid interest, first (1 days)$17.49
Prepaid interest, second (1 days)$94.27

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 10 moOf the original 30-year loan at 3.070%
Interest already paid$42,656Through Nov 2026
Assumption only · ends Sep 2050$85,518
Assumption + second · ends Sep 2050, second Dec 2056$786,631
New conventional · ends Dec 2056$988,694