Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,474/mo
Lowest payment
Down payment
$256,253
Funds due
$267,712
Interest + MI left
$59,699
First ends
Jan 2046
Assumption

Assumption + second

$2,993/mo
+$1,519/mo
Down payment
$44,253
Funds due
$57,368
Interest + MI left
$394,465
First ends
Jan 2046
New loan

New conventional

$3,171/mo
+$1,697/mo
Down payment
$44,253
Funds due
$54,119
Interest + MI left
$578,648
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$183,747$183,747$395,747
Second mortgage—$212,000—
First P&I$1,063.08$1,063.08$2,680.93
Second P&I—$1,518.79—
Mortgage insurance——$79.15
Taxes, insurance & HOA$411.00$411.00$411.00
Total housing payment$1,474.08$2,992.88$3,171.08

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$44,253
Closing costs & prepaids$13,115
Usable credit−$0
Total buyer cash needed$57,368
Earnest money paid−$0
Remaining funds due$57,368
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$918.74
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)$528.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$140.00
Prepaid interest, second (9 days)$405.12

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 closing19 yr 1 moOf the original 24-year loan at 3.09%
Interest already paid$30,469Through Dec 2026
Assumption only · ends Jan 2046$59,699
Assumption + second · ends Jan 2046, second Jan 2057$394,465
New conventional · ends Jan 2057$578,648