Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,206/mo
Lowest payment
Down payment
$352,267
Funds due
$368,474
Interest + MI left
$134,999
First ends
Jan 2051
Assumption

Assumption + second

$4,219/mo
+$2,013/mo
Down payment
$71,267
Funds due
$89,261
Interest + MI left
$578,721
First ends
Jan 2051
New loan

New conventional

$4,955/mo
+$2,750/mo
Down payment
$71,267
Funds due
$85,062
Interest + MI left
$933,932
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$357,732$357,732$638,732
Second mortgage—$281,000—
First P&I$1,704.95$1,704.95$4,326.99
Second P&I—$2,013.12—
Mortgage insurance——$127.75
Taxes, insurance & HOA$500.67$500.67$500.67
Total housing payment$2,205.62$4,218.74$4,955.41

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$71,267
Closing costs & prepaids$17,993
Usable credit−$0
Total buyer cash needed$89,261
Earnest money paid−$0
Remaining funds due$89,261
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,099.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,788.66
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)$852.00
Prepaid interest, first (9 days)$247.86
Prepaid interest, second (9 days)$536.98

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 1 moOf the original 30-year loan at 2.81%
Interest already paid$64,383Through Dec 2026
Assumption only · ends Jan 2051$134,999
Assumption + second · ends Jan 2051, second Jan 2057$578,721
New conventional · ends Jan 2057$933,932