Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,871/mo
Lowest payment
Down payment
$89,594
Funds due
$101,335
Interest + MI left
$131,673
First ends
Dec 2051
Assumption

Assumption + second

$2,265/mo
+$394/mo
Down payment
$40,594
Funds due
$53,694
Interest + MI left
$224,608
First ends
Dec 2051
New loan

New conventional

$2,904/mo
+$1,033/mo
Down payment
$40,594
Funds due
$49,990
Interest + MI left
$525,511
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$310,406$310,406$359,406
Second mortgage—$49,000—
First P&I$1,473.60$1,473.60$2,434.74
Second P&I—$394.27—
Mortgage insurance——$71.88
Taxes, insurance & HOA$397.00$397.00$397.00
Total housing payment$1,870.60$2,264.86$2,903.62

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,594
Closing costs & prepaids$13,100
Usable credit−$0
Total buyer cash needed$53,694
Earnest money paid−$0
Remaining funds due$53,694
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,552.03
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)$480.00
Initial HOA (3 months)$261.00
Prepaid interest, first (9 days)$230.38
Prepaid interest, second (9 days)$108.74

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 3.01%
Interest already paid$49,747Through Dec 2026
Assumption only · ends Dec 2051$131,673
Assumption + second · ends Dec 2051, second Jan 2057$224,608
New conventional · ends Jan 2057$525,511