Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,634/mo
Lowest payment
Down payment
$234,204
Funds due
$246,860
Interest + MI left
$97,353
First ends
Mar 2051
Assumption

Assumption + second

$2,977/mo
+$1,343/mo
Down payment
$51,204
Funds due
$65,471
Interest + MI left
$397,757
First ends
Mar 2051
New loan

New conventional

$3,534/mo
+$1,900/mo
Down payment
$51,204
Funds due
$61,826
Interest + MI left
$663,525
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$270,796$270,796$453,796
Second mortgage—$183,000—
First P&I$1,265.12$1,265.12$3,074.17
Second P&I—$1,342.79—
Mortgage insurance——$90.76
Taxes, insurance & HOA$368.67$368.67$368.67
Total housing payment$1,633.78$2,976.57$3,533.60

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$51,204
Closing costs & prepaids$14,267
Usable credit−$0
Total buyer cash needed$65,471
Earnest money paid−$0
Remaining funds due$65,471
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,353.98
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)$606.00
Prepaid interest, first (9 days)$178.28
Prepaid interest, second (9 days)$360.99

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 3 moOf the original 30-year loan at 2.67%
Interest already paid$44,954Through Dec 2026
Assumption only · ends Mar 2051$97,353
Assumption + second · ends Mar 2051, second Jan 2057$397,757
New conventional · ends Jan 2057$663,525