Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$929/mo
Lowest payment
Down payment
$149,683
Funds due
$158,947
Interest + MI left
$53,136
First ends
Apr 2051
Assumption

Assumption + second

$1,809/mo
+$881/mo
Down payment
$29,683
Funds due
$40,434
Interest + MI left
$250,122
First ends
Apr 2051
New loan

New conventional

$2,082/mo
+$1,153/mo
Down payment
$29,683
Funds due
$37,520
Interest + MI left
$380,574
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$140,317$140,317$260,317
Second mortgage—$120,000—
First P&I$662.51$662.51$1,763.48
Second P&I—$880.52—
Mortgage insurance——$52.06
Taxes, insurance & HOA$266.00$266.00$266.00
Total housing payment$928.51$1,809.03$2,081.54

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$29,683
Closing costs & prepaids$10,751
Usable credit−$0
Total buyer cash needed$40,434
Earnest money paid−$0
Remaining funds due$40,434
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$701.59
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)$348.00
Prepaid interest, first (9 days)$96.53
Prepaid interest, second (9 days)$236.71

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 4 moOf the original 30-year loan at 2.79%
Interest already paid$23,923Through Dec 2026
Assumption only · ends Apr 2051$53,136
Assumption + second · ends Apr 2051, second Jan 2057$250,122
New conventional · ends Jan 2057$380,574