Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,277/mo
Lowest payment
Down payment
$150,937
Funds due
$161,314
Interest + MI left
$80,421
First ends
Feb 2051
Assumption

Assumption + second

$2,121/mo
+$844/mo
Down payment
$35,937
Funds due
$47,791
Interest + MI left
$269,199
First ends
Feb 2051
New loan

New conventional

$2,525/mo
+$1,248/mo
Down payment
$35,937
Funds due
$44,557
Interest + MI left
$467,985
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$205,063$205,063$320,063
Second mortgage—$115,000—
First P&I$984.43$984.43$2,168.22
Second P&I—$843.83—
Mortgage insurance——$64.01
Taxes, insurance & HOA$292.42$292.42$292.42
Total housing payment$1,276.84$2,120.67$2,524.65

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$35,937
Closing costs & prepaids$11,854
Usable credit−$0
Total buyer cash needed$47,791
Earnest money paid−$0
Remaining funds due$47,791
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,560.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,025.31
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)$427.25
Prepaid interest, first (9 days)$146.63
Prepaid interest, second (9 days)$226.85

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 closing24 yr 2 moOf the original 30-year loan at 2.9%
Interest already paid$37,463Through Dec 2026
Assumption only · ends Feb 2051$80,421
Assumption + second · ends Feb 2051, second Jan 2057$269,199
New conventional · ends Jan 2057$467,985