Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,535/mo
Lowest payment
Down payment
$240,722
Funds due
$256,339
Interest + MI left
$193,952
First ends
Feb 2052
Assumption

Assumption + second

$3,798/mo
+$1,262/mo
Down payment
$68,722
Funds due
$85,928
Interest + MI left
$476,299
First ends
Feb 2052
New loan

New conventional

$4,702/mo
+$2,166/mo
Down payment
$68,722
Funds due
$81,408
Interest + MI left
$893,790
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$439,278$439,278$611,278
Second mortgage—$172,000—
First P&I$2,096.79$2,096.79$4,141.01
Second P&I—$1,262.08—
Mortgage insurance——$122.26
Taxes, insurance & HOA$438.67$438.67$438.67
Total housing payment$2,535.45$3,797.53$4,701.93

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$68,722
Closing costs & prepaids$17,205
Usable credit−$0
Total buyer cash needed$85,928
Earnest money paid−$0
Remaining funds due$85,928
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,196.39
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$816.00
Prepaid interest, first (9 days)$335.78
Prepaid interest, second (9 days)$339.29

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 yr 2 moOf the original 30-year loan at 3.1%
Interest already paid$69,859Through Dec 2026
Assumption only · ends Feb 2052$193,952
Assumption + second · ends Feb 2052, second Jan 2057$476,299
New conventional · ends Jan 2057$893,790