Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,376/mo
Lowest payment
Down payment
$229,432
Funds due
$240,872
Interest + MI left
$88,409
First ends
Feb 2051
Assumption

Assumption + second

$2,726/mo
+$1,350/mo
Down payment
$45,432
Funds due
$58,485
Interest + MI left
$390,454
First ends
Feb 2051
New loan

New conventional

$3,115/mo
+$1,739/mo
Down payment
$45,432
Funds due
$55,094
Interest + MI left
$584,155
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$215,568$215,568$399,568
Second mortgage—$184,000—
First P&I$1,048.20$1,048.20$2,706.81
Second P&I—$1,350.13—
Mortgage insurance——$79.91
Taxes, insurance & HOA$328.00$328.00$328.00
Total housing payment$1,376.20$2,726.32$3,114.73

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$45,432
Closing costs & prepaids$13,053
Usable credit−$0
Total buyer cash needed$58,485
Earnest money paid−$0
Remaining funds due$58,485
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,077.84
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)$534.00
Prepaid interest, first (9 days)$160.52
Prepaid interest, second (9 days)$362.96

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 closing24 yr 2 moOf the original 30-year loan at 3.02%
Interest already paid$40,956Through Dec 2026
Assumption only · ends Feb 2051$88,409
Assumption + second · ends Feb 2051, second Jan 2057$390,454
New conventional · ends Jan 2057$584,155