Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,637/mo
Lowest payment
Down payment
$149,808
Funds due
$161,367
Interest + MI left
$115,871
First ends
Sep 2051
Assumption

Assumption + second

$2,422/mo
+$785/mo
Down payment
$42,808
Funds due
$55,828
Interest + MI left
$291,517
First ends
Sep 2051
New loan

New conventional

$2,986/mo
+$1,349/mo
Down payment
$42,808
Funds due
$52,242
Interest + MI left
$558,828
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$275,192$275,192$382,192
Second mortgage—$107,000—
First P&I$1,316.71$1,316.71$2,589.10
Second P&I—$785.13—
Mortgage insurance——$76.44
Taxes, insurance & HOA$320.00$320.00$320.00
Total housing payment$1,636.71$2,421.84$2,985.54

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,808
Closing costs & prepaids$13,020
Usable credit−$0
Total buyer cash needed$55,828
Earnest money paid−$0
Remaining funds due$55,828
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,375.96
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)$510.00
Prepaid interest, first (9 days)$204.92
Prepaid interest, second (9 days)$211.07

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 9 moOf the original 30-year loan at 3.02%
Interest already paid$46,633Through Dec 2026
Assumption only · ends Sep 2051$115,871
Assumption + second · ends Sep 2051, second Jan 2057$291,517
New conventional · ends Jan 2057$558,828