Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,630/mo
Lowest payment
Down payment
$57,472
Funds due
$67,118
Interest + MI left
$251,283
First ends
Feb 2055
Assumption

Assumption + second

$1,872/mo
+$241/mo
Down payment
$27,472
Funds due
$38,434
Interest + MI left
$308,182
First ends
Feb 2055
New loan

New conventional

$1,949/mo
+$319/mo
Down payment
$27,472
Funds due
$35,076
Interest + MI left
$354,568
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$212,528$212,528$242,528
Second mortgage—$30,000—
First P&I$1,372.22$1,372.22$1,642.97
Second P&I—$241.39—
Mortgage insurance——$48.51
Taxes, insurance & HOA$258.00$258.00$258.00
Total housing payment$1,630.22$1,871.61$1,949.47

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$27,472
Closing costs & prepaids$10,962
Usable credit−$0
Total buyer cash needed$38,434
Earnest money paid−$0
Remaining funds due$38,434
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,062.64
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)$324.00
Prepaid interest, first (9 days)$340.63
Prepaid interest, second (9 days)$66.58

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 closing28 yr 2 moOf the original 30-year loan at 6.5%
Interest already paid$25,616Through Dec 2026
Assumption only · ends Feb 2055$251,283
Assumption + second · ends Feb 2055, second Jan 2057$308,182
New conventional · ends Jan 2057$354,568