Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$780/mo
Lowest payment
Down payment
$71,107
Funds due
$78,823
Interest + MI left
$53,436
First ends
Jul 2049
Assumption

Assumption + second

$1,214/mo
+$434/mo
Down payment
$17,107
Funds due
$26,193
Interest + MI left
$155,854
First ends
Jul 2049
New loan

New conventional

$1,284/mo
+$504/mo
Down payment
$17,107
Funds due
$23,534
Interest + MI left
$223,409
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$98,793$98,793$152,793
Second mortgage—$54,000—
First P&I$561.73$561.73$1,035.07
Second P&I—$434.50—
Mortgage insurance——$30.56
Taxes, insurance & HOA$218.00$218.00$218.00
Total housing payment$779.73$1,214.23$1,283.63

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$17,107
Closing costs & prepaids$9,086
Usable credit−$0
Total buyer cash needed$26,193
Earnest money paid−$0
Remaining funds due$26,193
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$493.97
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)$204.00
Prepaid interest, first (9 days)$100.85
Prepaid interest, second (9 days)$119.84

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 closing22 yr 7 moOf the original 30-year loan at 4.14%
Interest already paid$33,091Through Dec 2026
Assumption only · ends Jul 2049$53,436
Assumption + second · ends Jul 2049, second Jan 2057$155,854
New conventional · ends Jan 2057$223,409