Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,359/mo
Lowest payment
Down payment
$123,093
Funds due
$132,537
Interest + MI left
$162,324
First ends
Oct 2054
Assumption

Assumption + second

$2,139/mo
+$780/mo
Down payment
$26,093
Funds due
$36,811
Interest + MI left
$346,299
First ends
Oct 2054
New loan

New conventional

$2,111/mo
+$752/mo
Down payment
$26,093
Funds due
$33,845
Interest + MI left
$347,107
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$131,907$131,907$228,907
Second mortgage—$97,000—
First P&I$878.30$878.30$1,584.91
Second P&I—$780.48—
Mortgage insurance——$45.78
Taxes, insurance & HOA$480.58$480.58$480.58
Total housing payment$1,358.88$2,139.37$2,111.27

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$26,093
Closing costs & prepaids$10,718
Usable credit−$0
Total buyer cash needed$36,811
Earnest money paid−$0
Remaining funds due$36,811
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$659.53
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)$151.75
Initial HOA (3 months)$840.00
Prepaid interest, first (1 days)$24.50
Prepaid interest, second (1 days)$23.92

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 closing27 yr 11 moOf the original 30-year loan at 6.780%
Interest already paid$18,864Through Nov 2026
Assumption only · ends Oct 2054$162,324
Assumption + second · ends Oct 2054, second Dec 2056$346,299
New conventional · ends Dec 2056$347,107