Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,133/mo
Lowest payment
Down payment
$105,704
Funds due
$115,147
Interest + MI left
$76,296
First ends
Jun 2051
Assumption

Assumption + second

$1,753/mo
+$620/mo
Down payment
$28,704
Funds due
$39,568
Interest + MI left
$222,337
First ends
Jun 2051
New loan

New conventional

$2,051/mo
+$918/mo
Down payment
$28,704
Funds due
$36,488
Interest + MI left
$374,747
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$179,296$179,296$256,296
Second mortgage—$77,000—
First P&I$869.36$869.36$1,736.24
Second P&I—$619.56—
Mortgage insurance——$51.26
Taxes, insurance & HOA$264.00$264.00$264.00
Total housing payment$1,133.36$1,752.92$2,051.50

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$28,704
Closing costs & prepaids$10,864
Usable credit−$0
Total buyer cash needed$39,568
Earnest money paid−$0
Remaining funds due$39,568
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%)$896.48
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)$136.17
Prepaid interest, second (9 days)$170.88

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 closing24 yr 6 moOf the original 30-year loan at 3.08%
Interest already paid$32,565Through Dec 2026
Assumption only · ends Jun 2051$76,296
Assumption + second · ends Jun 2051, second Jan 2057$222,337
New conventional · ends Jan 2057$374,747