Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,767/mo
Lowest payment
Down payment
$155,394
Funds due
$167,746
Interest + MI left
$117,487
First ends
Oct 2051
Assumption

Assumption + second

$2,567/mo
+$800/mo
Down payment
$46,394
Funds due
$60,211
Interest + MI left
$296,416
First ends
Oct 2051
New loan

New conventional

$3,235/mo
+$1,468/mo
Down payment
$46,394
Funds due
$56,489
Interest + MI left
$604,760
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$304,606$304,606$413,606
Second mortgage—$109,000—
First P&I$1,416.42$1,416.42$2,801.91
Second P&I—$799.80—
Mortgage insurance——$82.72
Taxes, insurance & HOA$350.67$350.67$350.67
Total housing payment$1,767.09$2,566.89$3,235.30

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$46,394
Closing costs & prepaids$13,817
Usable credit−$0
Total buyer cash needed$60,211
Earnest money paid−$0
Remaining funds due$60,211
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,523.03
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Prepaid interest, first (9 days)$208.80
Prepaid interest, second (9 days)$215.01

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 10 moOf the original 30-year loan at 2.78%
Interest already paid$46,814Through Dec 2026
Assumption only · ends Oct 2051$117,487
Assumption + second · ends Oct 2051, second Jan 2057$296,416
New conventional · ends Jan 2057$604,760