Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,267/mo
Lowest payment
Down payment
$74,370
Funds due
$83,976
Interest + MI left
$82,985
First ends
Dec 2051
Assumption

Assumption + second

$1,645/mo
+$378/mo
Down payment
$27,370
Funds due
$38,330
Interest + MI left
$172,127
First ends
Dec 2051
New loan

New conventional

$2,030/mo
+$763/mo
Down payment
$27,370
Funds due
$35,215
Interest + MI left
$354,765
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$195,630$195,630$242,630
Second mortgage—$47,000—
First P&I$928.72$928.72$1,643.66
Second P&I—$378.17—
Mortgage insurance——$48.53
Taxes, insurance & HOA$338.00$338.00$338.00
Total housing payment$1,266.72$1,644.89$2,030.19

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$27,370
Closing costs & prepaids$10,960
Usable credit−$0
Total buyer cash needed$38,330
Earnest money paid−$0
Remaining funds due$38,330
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$978.15
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)$324.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$145.19
Prepaid interest, second (9 days)$104.30

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 yrOf the original 30-year loan at 3.01%
Interest already paid$31,353Through Dec 2026
Assumption only · ends Dec 2051$82,985
Assumption + second · ends Dec 2051, second Jan 2057$172,127
New conventional · ends Jan 2057$354,765