Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,076/mo
Lowest payment
Down payment
$130,450
Funds due
$137,666
Interest + MI left
$4,058
First ends
Mar 2030
Assumption

Assumption + second

$1,912/mo
+$836/mo
Down payment
$16,450
Funds due
$25,141
Interest + MI left
$191,195
First ends
Mar 2030
New loan

New conventional

$1,215/mo
+$139/mo
Down payment
$16,450
Funds due
$22,757
Interest + MI left
$209,865
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$29,550$29,550$143,550
Second mortgage—$114,000—
First P&I$861.72$861.72$972.46
Second P&I—$836.49—
Mortgage insurance——$28.71
Taxes, insurance & HOA$214.00$214.00$214.00
Total housing payment$1,075.72$1,912.22$1,215.17

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$16,450
Closing costs & prepaids$8,690
Usable credit−$0
Total buyer cash needed$25,141
Earnest money paid−$0
Remaining funds due$25,141
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$147.75
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)$192.00
Prepaid interest, first (9 days)$57.63
Prepaid interest, second (9 days)$224.88

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 closing3 yr 3 moOf the original 30-year loan at 7.91%
Interest already paid$187,713Through Dec 2026
Assumption only · ends Mar 2030$4,058
Assumption + second · ends Mar 2030, second Jan 2057$191,195
New conventional · ends Jan 2057$209,865