Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$915/mo
Lowest payment
Down payment
$181,986
Funds due
$191,013
Interest + MI left
$44,035
First ends
Oct 2045
Assumption

Assumption + second

$2,037/mo
+$1,123/mo
Down payment
$28,986
Funds due
$39,565
Interest + MI left
$295,192
First ends
Oct 2045
New loan

New conventional

$2,050/mo
+$1,135/mo
Down payment
$28,986
Funds due
$36,766
Interest + MI left
$374,284
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$103,014$103,014$256,014
Second mortgage—$153,000—
First P&I$650.66$650.66$1,734.33
Second P&I—$1,122.66—
Mortgage insurance——$51.20
Taxes, insurance & HOA$264.00$264.00$264.00
Total housing payment$914.66$2,037.32$2,049.53

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$28,986
Closing costs & prepaids$10,579
Usable credit−$0
Total buyer cash needed$39,565
Earnest money paid−$0
Remaining funds due$39,565
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$515.07
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)$342.00
Prepaid interest, first (9 days)$102.11
Prepaid interest, second (9 days)$301.81

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 closing18 yr 10 moOf the original 30-year loan at 4.02%
Interest already paid$54,243Through Dec 2026
Assumption only · ends Oct 2045$44,035
Assumption + second · ends Oct 2045, second Jan 2057$295,192
New conventional · ends Jan 2057$374,284