Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,527/mo
Lowest payment
Down payment
$138,656
Funds due
$149,840
Interest + MI left
$101,560
First ends
Oct 2051
Assumption

Assumption + second

$2,316/mo
+$789/mo
Down payment
$40,656
Funds due
$53,307
Interest + MI left
$287,431
First ends
Oct 2051
New loan

New conventional

$2,815/mo
+$1,288/mo
Down payment
$40,656
Funds due
$49,789
Interest + MI left
$525,202
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$261,244$261,244$359,244
Second mortgage—$98,000—
First P&I$1,217.46$1,217.46$2,433.64
Second P&I—$788.53—
Mortgage insurance——$71.85
Taxes, insurance & HOA$310.00$310.00$310.00
Total housing payment$1,527.46$2,315.99$2,815.49

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,656
Closing costs & prepaids$12,651
Usable credit−$0
Total buyer cash needed$53,307
Earnest money paid−$0
Remaining funds due$53,307
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,306.22
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
Prepaid interest, first (9 days)$180.37
Prepaid interest, second (9 days)$217.48

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 10 moOf the original 30-year loan at 2.8%
Interest already paid$40,431Through Dec 2026
Assumption only · ends Oct 2051$101,560
Assumption + second · ends Oct 2051, second Jan 2057$287,431
New conventional · ends Jan 2057$525,202