Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,222/mo
Lowest payment
Down payment
$350,684
Funds due
$373,499
Interest + MI left
$307,020
First ends
Aug 2051
Assumption

Assumption + second

$5,941/mo
+$1,719/mo
Down payment
$110,684
Funds due
$135,207
Interest + MI left
$686,000
First ends
Aug 2051
New loan

New conventional

$7,549/mo
+$3,328/mo
Down payment
$110,684
Funds due
$129,061
Interest + MI left
$1,445,081
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$748,316$748,316$988,316
Second mortgage—$240,000—
First P&I$3,565.32$3,565.32$6,695.20
Second P&I—$1,719.39—
Mortgage insurance——$197.66
Taxes, insurance & HOA$656.25$656.25$656.25
Total housing payment$4,221.57$5,940.96$7,549.11

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$110,684
Closing costs & prepaids$24,523
Usable credit−$0
Total buyer cash needed$135,207
Earnest money paid−$0
Remaining funds due$135,207
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,741.58
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,318.75
Prepaid interest, first (9 days)$546.17
Prepaid interest, second (9 days)$458.63

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 closing24 yr 8 moOf the original 30-year loan at 2.96%
Interest already paid$126,497Through Dec 2026
Assumption only · ends Aug 2051$307,020
Assumption + second · ends Aug 2051, second Jan 2057$686,000
New conventional · ends Jan 2057$1,445,081