Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,099/mo
Lowest payment
Down payment
$65,696
Funds due
$81,244
Interest + MI left
$218,203
First ends
Nov 2051
Assumption

Assumption + second

$3,456/mo
+$357/mo
Down payment
$30,696
Funds due
$47,517
Interest + MI left
$311,598
First ends
Nov 2051
New loan

New conventional

$4,685/mo
+$1,585/mo
Down payment
$30,696
Funds due
$42,572
Interest + MI left
$881,682
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$544,304$544,304$579,304
Second mortgage—$35,000—
First P&I$2,541.69$2,541.69$4,010.98
Second P&I—$356.65—
Mortgage insurance——$115.86
Taxes, insurance & HOA$557.75$557.75$557.75
Total housing payment$3,099.44$3,456.09$4,684.59

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$30,696
Closing costs & prepaids$16,821
Usable credit−$0
Total buyer cash needed$47,517
Earnest money paid−$0
Remaining funds due$47,517
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,721.52
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)$828.25
Initial HOA (3 months)$345.00
Prepaid interest, first (2 days)$85.30
Prepaid interest, second (2 days)$22.77

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 closing25 yrOf the original 30-year loan at 2.860%
Interest already paid$83,005Through Nov 2026
Assumption only · ends Nov 2051$218,203
Assumption + second · ends Nov 2051, second Dec 2056$311,598
New conventional · ends Dec 2056$881,682