Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$656/mo
Lowest payment
Down payment
$116,066
Funds due
$123,764
Interest + MI left
$26,915
First ends
Jun 2045
Assumption

Assumption + second

$1,436/mo
+$780/mo
Down payment
$19,066
Funds due
$28,230
Interest + MI left
$210,889
First ends
Jun 2045
New loan

New conventional

$1,381/mo
+$726/mo
Down payment
$19,066
Funds due
$25,666
Interest + MI left
$242,590
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$68,934$68,934$165,934
Second mortgage—$97,000—
First P&I$431.75$431.75$1,124.09
Second P&I—$780.48—
Mortgage insurance——$33.19
Taxes, insurance & HOA$224.00$224.00$224.00
Total housing payment$655.75$1,436.24$1,381.28

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$19,066
Closing costs & prepaids$9,164
Usable credit−$0
Total buyer cash needed$28,230
Earnest money paid−$0
Remaining funds due$28,230
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$344.67
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)$222.00
Prepaid interest, first (9 days)$64.08
Prepaid interest, second (9 days)$215.26

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing18 yr 6 moOf the original 30-year loan at 3.77%
Interest already paid$35,516Through Dec 2026
Assumption only · ends Jun 2045$26,915
Assumption + second · ends Jun 2045, second Jan 2057$210,889
New conventional · ends Jan 2057$242,590