Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,005/mo
Lowest payment
Down payment
$171,893
Funds due
$181,546
Interest + MI left
$59,819
First ends
Oct 2050
Assumption

Assumption + second

$2,025/mo
+$1,020/mo
Down payment
$32,893
Funds due
$44,070
Interest + MI left
$287,995
First ends
Oct 2050
New loan

New conventional

$2,280/mo
+$1,275/mo
Down payment
$32,893
Funds due
$41,081
Interest + MI left
$419,740
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$148,107$148,107$287,107
Second mortgage—$139,000—
First P&I$727.02$727.02$1,944.96
Second P&I—$1,019.93—
Mortgage insurance——$57.42
Taxes, insurance & HOA$278.00$278.00$278.00
Total housing payment$1,005.02$2,024.95$2,280.38

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$32,893
Closing costs & prepaids$11,177
Usable credit−$0
Total buyer cash needed$44,070
Earnest money paid−$0
Remaining funds due$44,070
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$740.54
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)$384.00
Prepaid interest, first (9 days)$110.29
Prepaid interest, second (9 days)$274.19

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 10 moOf the original 30-year loan at 3.02%
Interest already paid$29,906Through Dec 2026
Assumption only · ends Oct 2050$59,819
Assumption + second · ends Oct 2050, second Jan 2057$287,995
New conventional · ends Jan 2057$419,740