Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,809/mo
Lowest payment
Down payment
$99,339
Funds due
$110,030
Interest + MI left
$287,582
First ends
Mar 2056
Assumption

Assumption + second

$2,324/mo
+$515/mo
Down payment
$35,339
Funds due
$47,422
Interest + MI left
$408,967
First ends
Mar 2056
New loan

New conventional

$2,449/mo
+$640/mo
Down payment
$35,339
Funds due
$43,828
Interest + MI left
$452,567
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$245,561$245,561$309,561
Second mortgage—$64,000—
First P&I$1,518.93$1,518.93$2,097.07
Second P&I—$514.96—
Mortgage insurance——$61.91
Taxes, insurance & HOA$290.08$290.08$290.08
Total housing payment$1,809.01$2,323.96$2,449.07

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$35,339
Closing costs & prepaids$12,083
Usable credit−$0
Total buyer cash needed$47,422
Earnest money paid−$0
Remaining funds due$47,422
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,227.81
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)$414.00
Initial HOA (3 months)$6.24
Prepaid interest, first (9 days)$376.01
Prepaid interest, second (9 days)$142.03

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 closing29 yr 3 moOf the original 30-year loan at 6.21%
Interest already paid$11,494Through Dec 2026
Assumption only · ends Mar 2056$287,582
Assumption + second · ends Mar 2056, second Jan 2057$408,967
New conventional · ends Jan 2057$452,567