Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,877/mo
Lowest payment
Down payment
$366,731
Funds due
$381,502
Interest + MI left
$109,504
First ends
Feb 2051
Assumption

Assumption + second

$4,019/mo
+$2,142/mo
Down payment
$67,731
Funds due
$84,323
Interest + MI left
$581,650
First ends
Feb 2051
New loan

New conventional

$4,672/mo
+$2,795/mo
Down payment
$67,731
Funds due
$80,364
Interest + MI left
$887,928
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$308,269$308,269$607,269
Second mortgage—$299,000—
First P&I$1,440.60$1,440.60$4,113.85
Second P&I—$2,142.07—
Mortgage insurance——$121.45
Taxes, insurance & HOA$436.67$436.67$436.67
Total housing payment$1,877.26$4,019.33$4,671.97

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$67,731
Closing costs & prepaids$16,592
Usable credit−$0
Total buyer cash needed$84,323
Earnest money paid−$0
Remaining funds due$84,323
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,541.34
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)$810.00
Prepaid interest, first (9 days)$201.43
Prepaid interest, second (9 days)$571.38

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 2 moOf the original 30-year loan at 2.65%
Interest already paid$51,611Through Dec 2026
Assumption only · ends Feb 2051$109,504
Assumption + second · ends Feb 2051, second Jan 2057$581,650
New conventional · ends Jan 2057$887,928