Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,172/mo
Lowest payment
Down payment
$70,764
Funds due
$80,077
Interest + MI left
$79,476
First ends
Dec 2051
Assumption

Assumption + second

$1,526/mo
+$354/mo
Down payment
$26,764
Funds due
$37,424
Interest + MI left
$162,929
First ends
Dec 2051
New loan

New conventional

$1,925/mo
+$753/mo
Down payment
$26,764
Funds due
$34,324
Interest + MI left
$349,801
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$195,235$195,235$239,235
Second mortgage—$44,000—
First P&I$915.71$915.71$1,620.66
Second P&I—$354.03—
Mortgage insurance——$47.85
Taxes, insurance & HOA$256.42$256.42$256.42
Total housing payment$1,172.12$1,526.16$1,924.92

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$26,764
Closing costs & prepaids$10,661
Usable credit−$0
Total buyer cash needed$37,424
Earnest money paid−$0
Remaining funds due$37,424
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,659.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$976.18
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)$319.25
Prepaid interest, first (9 days)$139.61
Prepaid interest, second (9 days)$97.64

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 closing25 yrOf the original 30-year loan at 2.9%
Interest already paid$30,178Through Dec 2026
Assumption only · ends Dec 2051$79,476
Assumption + second · ends Dec 2051, second Jan 2057$162,929
New conventional · ends Jan 2057$349,801