Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,062/mo
Lowest payment
Down payment
$256,276
Funds due
$266,857
Interest + MI left
$40,463
First ends
Aug 2050
Assumption

Assumption + second

$2,646/mo
+$1,583/mo
Down payment
$35,276
Funds due
$47,530
Interest + MI left
$389,441
First ends
Aug 2050
New loan

New conventional

$2,785/mo
+$1,723/mo
Down payment
$35,276
Funds due
$44,725
Interest + MI left
$460,179
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$93,724$93,724$314,724
Second mortgage—$221,000—
First P&I$472.49$472.49$2,132.05
Second P&I—$1,583.27—
Mortgage insurance——$62.94
Taxes, insurance & HOA$590.00$590.00$590.00
Total housing payment$1,062.49$2,645.76$2,784.99

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$35,276
Closing costs & prepaids$12,254
Usable credit−$0
Total buyer cash needed$47,530
Earnest money paid−$0
Remaining funds due$47,530
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$468.62
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)$420.00
Initial HOA (3 months)$900.00
Prepaid interest, first (9 days)$74.65
Prepaid interest, second (9 days)$422.32

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 closing23 yr 8 moOf the original 30-year loan at 3.23%
Interest already paid$20,792Through Dec 2026
Assumption only · ends Aug 2050$40,463
Assumption + second · ends Aug 2050, second Jan 2057$389,441
New conventional · ends Jan 2057$460,179