Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,998/mo
Lowest payment
Down payment
$129,152
Funds due
$143,037
Interest + MI left
$492,131
First ends
Jan 2056
Assumption

Assumption + second

$3,594/mo
+$595/mo
Down payment
$55,152
Funds due
$70,324
Interest + MI left
$632,482
First ends
Jan 2056
New loan

New conventional

$3,915/mo
+$917/mo
Down payment
$55,152
Funds due
$65,646
Interest + MI left
$750,470
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$420,848$420,848$494,848
Second mortgage—$74,000—
First P&I$2,608.51$2,608.51$3,426.23
Second P&I—$595.42—
Mortgage insurance——$98.97
Taxes, insurance & HOA$389.83$389.83$389.83
Total housing payment$2,998.34$3,593.77$3,915.03

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$55,152
Closing costs & prepaids$15,172
Usable credit−$0
Total buyer cash needed$70,324
Earnest money paid−$0
Remaining funds due$70,324
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,104.24
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$669.50
Prepaid interest, first (2 days)$143.43
Prepaid interest, second (2 days)$36.49

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 yr 2 moOf the original 30-year loan at 6.220%
Interest already paid$21,933Through Nov 2026
Assumption only · ends Jan 2056$492,131
Assumption + second · ends Jan 2056, second Dec 2056$632,482
New conventional · ends Dec 2056$750,470