Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,680/mo
Lowest payment
Down payment
$61,970
Funds due
$72,327
Interest + MI left
$135,907
First ends
May 2052
Assumption

Assumption + second

$1,938/mo
+$257/mo
Down payment
$29,970
Funds due
$41,593
Interest + MI left
$196,599
First ends
May 2052
New loan

New conventional

$2,363/mo
+$682/mo
Down payment
$29,970
Funds due
$38,127
Interest + MI left
$401,883
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$233,030$233,030$265,030
Second mortgage—$32,000—
First P&I$1,205.68$1,205.68$1,835.01
Second P&I—$257.48—
Mortgage insurance——$53.01
Taxes, insurance & HOA$474.67$474.67$474.67
Total housing payment$1,680.34$1,937.82$2,362.69

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$29,970
Closing costs & prepaids$11,623
Usable credit−$0
Total buyer cash needed$41,593
Earnest money paid−$0
Remaining funds due$41,593
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,165.15
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)$209.00
Initial HOA (3 months)$765.00
Prepaid interest, first (2 days)$50.05
Prepaid interest, second (2 days)$15.78

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 yr 6 moOf the original 30-year loan at 3.920%
Interest already paid$43,137Through Nov 2026
Assumption only · ends May 2052$135,907
Assumption + second · ends May 2052, second Dec 2056$196,599
New conventional · ends Dec 2056$401,883