Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,353/mo
Lowest payment
Down payment
$118,331
Funds due
$128,603
Interest + MI left
$88,139
First ends
Nov 2051
Assumption

Assumption + second

$2,029/mo
+$676/mo
Down payment
$34,331
Funds due
$45,895
Interest + MI left
$247,457
First ends
Nov 2051
New loan

New conventional

$2,498/mo
+$1,144/mo
Down payment
$34,331
Funds due
$42,448
Interest + MI left
$463,355
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$221,569$221,569$305,569
Second mortgage—$84,000—
First P&I$1,032.36$1,032.36$2,115.70
Second P&I—$675.88—
Mortgage insurance——$61.11
Taxes, insurance & HOA$320.92$320.92$320.92
Total housing payment$1,353.27$2,029.16$2,497.73

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,331
Closing costs & prepaids$11,563
Usable credit−$0
Total buyer cash needed$45,895
Earnest money paid−$0
Remaining funds due$45,895
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,107.84
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)$512.75
Prepaid interest, first (2 days)$34.48
Prepaid interest, second (2 days)$41.42

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.840%
Interest already paid$33,559Through Nov 2026
Assumption only · ends Nov 2051$88,139
Assumption + second · ends Nov 2051, second Dec 2056$247,457
New conventional · ends Dec 2056$463,355