Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,403/mo
Lowest payment
Down payment
$57,390
Funds due
$68,321
Interest + MI left
$375,979
First ends
Oct 2053
Assumption

Assumption + second

$2,790/mo
+$387/mo
Down payment
$19,390
Funds due
$31,583
Interest + MI left
$477,378
First ends
Oct 2053
New loan

New conventional

$2,788/mo
+$386/mo
Down payment
$19,390
Funds due
$27,760
Interest + MI left
$541,003
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$317,510$317,510$355,510
Second mortgage—$38,000—
First P&I$2,147.03$2,147.03$2,461.48
Second P&I—$387.22—
Mortgage insurance——$71.10
Taxes, insurance & HOA$255.83$255.83$255.83
Total housing payment$2,402.86$2,790.08$2,788.41

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$19,390
Closing costs & prepaids$12,194
Usable credit−$0
Total buyer cash needed$31,583
Earnest money paid−$0
Remaining funds due$31,583
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,587.55
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)$317.50
Prepaid interest, first (1 days)$59.24
Prepaid interest, second (1 days)$12.36

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 closing26 yr 11 moOf the original 30-year loan at 6.810%
Interest already paid$67,950Through Nov 2026
Assumption only · ends Oct 2053$375,979
Assumption + second · ends Oct 2053, second Dec 2056$477,378
New conventional · ends Dec 2056$541,003