Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,448/mo
Lowest payment
Down payment
$71,280
Funds due
$83,131
Interest + MI left
$344,757
First ends
Mar 2053
Assumption

Assumption + second

$2,697/mo
+$249/mo
Down payment
$40,280
Funds due
$53,450
Interest + MI left
$403,553
First ends
Mar 2053
New loan

New conventional

$2,818/mo
+$370/mo
Down payment
$40,280
Funds due
$49,418
Interest + MI left
$525,824
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$328,620$328,620$359,620
Second mortgage—$31,000—
First P&I$2,137.71$2,137.71$2,436.19
Second P&I—$249.43—
Mortgage insurance——$71.92
Taxes, insurance & HOA$310.00$310.00$310.00
Total housing payment$2,447.71$2,697.14$2,818.12

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,280
Closing costs & prepaids$13,170
Usable credit−$0
Total buyer cash needed$53,450
Earnest money paid−$0
Remaining funds due$53,450
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,643.10
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)$480.00
Prepaid interest, first (9 days)$511.30
Prepaid interest, second (9 days)$68.79

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 closing26 yr 3 moOf the original 30-year loan at 6.31%
Interest already paid$79,817Through Dec 2026
Assumption only · ends Mar 2053$344,757
Assumption + second · ends Mar 2053, second Jan 2057$403,553
New conventional · ends Jan 2057$525,824