Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,166/mo
Lowest payment
Down payment
$148,840
Funds due
$158,678
Interest + MI left
$74,538
First ends
May 2050
Assumption

Assumption + second

$2,018/mo
+$851/mo
Down payment
$32,840
Funds due
$44,157
Interest + MI left
$264,958
First ends
May 2050
New loan

New conventional

$2,295/mo
+$1,128/mo
Down payment
$32,840
Funds due
$41,071
Interest + MI left
$419,818
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$171,160$171,160$287,160
Second mortgage—$116,000—
First P&I$874.37$874.37$1,945.32
Second P&I—$851.17—
Mortgage insurance——$57.43
Taxes, insurance & HOA$292.00$292.00$292.00
Total housing payment$1,166.37$2,017.54$2,294.75

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$32,840
Closing costs & prepaids$11,317
Usable credit−$0
Total buyer cash needed$44,157
Earnest money paid−$0
Remaining funds due$44,157
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$855.80
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)$384.00
Initial HOA (3 months)$42.00
Prepaid interest, first (9 days)$138.85
Prepaid interest, second (9 days)$228.82

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 closing23 yr 5 moOf the original 30-year loan at 3.29%
Interest already paid$40,336Through Dec 2026
Assumption only · ends May 2050$74,538
Assumption + second · ends May 2050, second Jan 2057$264,958
New conventional · ends Jan 2057$419,818