Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,183/mo
Lowest payment
Down payment
$200,057
Funds due
$214,023
Interest + MI left
$156,997
First ends
Jun 2051
Assumption

Assumption + second

$3,232/mo
+$1,049/mo
Down payment
$57,057
Funds due
$72,555
Interest + MI left
$391,739
First ends
Jun 2051
New loan

New conventional

$3,965/mo
+$1,782/mo
Down payment
$57,057
Funds due
$68,441
Interest + MI left
$748,545
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$368,943$368,943$511,943
Second mortgage—$143,000—
First P&I$1,788.91$1,788.91$3,468.08
Second P&I—$1,049.28—
Mortgage insurance——$102.39
Taxes, insurance & HOA$394.25$394.25$394.25
Total housing payment$2,183.16$3,232.44$3,964.72

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$57,057
Closing costs & prepaids$15,498
Usable credit−$0
Total buyer cash needed$72,555
Earnest money paid−$0
Remaining funds due$72,555
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,844.71
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$682.75
Prepaid interest, first (9 days)$280.19
Prepaid interest, second (9 days)$282.08

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$67,011Through Dec 2026
Assumption only · ends Jun 2051$156,997
Assumption + second · ends Jun 2051, second Jan 2057$391,739
New conventional · ends Jan 2057$748,545