Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,472/mo
Lowest payment
Down payment
$132,441
Funds due
$141,033
Interest + MI left
$35,680
First ends
Aug 2036
Assumption

Assumption + second

$2,264/mo
+$792/mo
Down payment
$24,441
Funds due
$34,496
Interest + MI left
$212,968
First ends
Aug 2036
New loan

New conventional

$1,742/mo
+$270/mo
Down payment
$24,441
Funds due
$31,678
Interest + MI left
$313,678
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$106,559$106,559$214,559
Second mortgage—$108,000—
First P&I$1,226.20$1,226.20$1,453.50
Second P&I—$792.47—
Mortgage insurance——$42.91
Taxes, insurance & HOA$245.58$245.58$245.58
Total housing payment$1,471.78$2,264.25$1,741.99

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$24,441
Closing costs & prepaids$10,055
Usable credit−$0
Total buyer cash needed$34,496
Earnest money paid−$0
Remaining funds due$34,496
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$532.79
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)$286.75
Prepaid interest, first (9 days)$164.22
Prepaid interest, second (9 days)$213.04

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 closing9 yr 8 moOf the original 30-year loan at 6.25%
Interest already paid$206,602Through Dec 2026
Assumption only · ends Aug 2036$35,680
Assumption + second · ends Aug 2036, second Jan 2057$212,968
New conventional · ends Jan 2057$313,678