Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,580/mo
Lowest payment
Down payment
$99,341
Funds due
$112,566
Interest + MI left
$301,485
First ends
Jul 2052
Assumption

Assumption + second

$2,991/mo
+$410/mo
Down payment
$48,341
Funds due
$62,929
Interest + MI left
$398,214
First ends
Jul 2052
New loan

New conventional

$3,369/mo
+$788/mo
Down payment
$48,341
Funds due
$58,672
Interest + MI left
$631,011
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$380,559$380,559$431,559
Second mortgage—$51,000—
First P&I$2,221.64$2,221.64$2,923.53
Second P&I—$410.36—
Mortgage insurance——$86.31
Taxes, insurance & HOA$358.67$358.67$358.67
Total housing payment$2,580.31$2,990.67$3,368.51

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$48,341
Closing costs & prepaids$14,588
Usable credit−$0
Total buyer cash needed$62,929
Earnest money paid−$0
Remaining funds due$62,929
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,902.79
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$576.00
Prepaid interest, first (9 days)$478.57
Prepaid interest, second (9 days)$113.18

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 yr 7 moOf the original 30-year loan at 5.1%
Interest already paid$89,126Through Dec 2026
Assumption only · ends Jul 2052$301,485
Assumption + second · ends Jul 2052, second Jan 2057$398,214
New conventional · ends Jan 2057$631,011