Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,199/mo
Lowest payment
Down payment
$188,568
Funds due
$197,967
Interest + MI left
$28
First ends
May 2027
Assumption

Assumption + second

$2,439/mo
+$1,240/mo
Down payment
$19,568
Funds due
$30,550
Interest + MI left
$277,450
First ends
May 2027
New loan

New conventional

$2,096/mo
+$897/mo
Down payment
$19,568
Funds due
$28,270
Interest + MI left
$249,166
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$1,432$1,432$170,432
Second mortgage—$169,000—
First P&I$292.01$292.01$1,154.57
Second P&I—$1,240.06—
Mortgage insurance——$34.09
Taxes, insurance & HOA$907.00$907.00$907.00
Total housing payment$1,199.01$2,439.08$2,095.65

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$19,568
Closing costs & prepaids$10,982
Usable credit−$0
Total buyer cash needed$30,550
Earnest money paid−$0
Remaining funds due$30,550
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$7.16
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)$228.00
Initial HOA (3 months)$2,043.00
Prepaid interest, first (9 days)$2.73
Prepaid interest, second (9 days)$333.37

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 closing5 moOf the original 30-year loan at 7.74%
Interest already paid$64,297Through Dec 2026
Assumption only · ends May 2027$28
Assumption + second · ends May 2027, second Jan 2057$277,450
New conventional · ends Jan 2057$249,166