Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,136/mo
Lowest payment
Down payment
$241,021
Funds due
$251,407
Interest + MI left
$65,798
First ends
Dec 2047
Assumption

Assumption + second

$2,584/mo
+$1,447/mo
Down payment
$39,021
Funds due
$51,043
Interest + MI left
$384,773
First ends
Dec 2047
New loan

New conventional

$2,717/mo
+$1,581/mo
Down payment
$39,021
Funds due
$47,980
Interest + MI left
$505,879
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$143,979$143,979$345,979
Second mortgage—$202,000—
First P&I$832.45$832.45$2,343.78
Second P&I—$1,447.15—
Mortgage insurance——$69.20
Taxes, insurance & HOA$304.00$304.00$304.00
Total housing payment$1,136.45$2,583.60$2,716.98

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$39,021
Closing costs & prepaids$12,022
Usable credit−$0
Total buyer cash needed$51,043
Earnest money paid−$0
Remaining funds due$51,043
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$719.89
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)$462.00
Prepaid interest, first (9 days)$135.97
Prepaid interest, second (9 days)$386.01

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 closing21 yrOf the original 30-year loan at 3.83%
Interest already paid$55,883Through Dec 2026
Assumption only · ends Dec 2047$65,798
Assumption + second · ends Dec 2047, second Jan 2057$384,773
New conventional · ends Jan 2057$505,879