Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,477/mo
Lowest payment
Down payment
$186,291
Funds due
$197,634
Interest + MI left
$93,568
First ends
Nov 2050
Assumption

Assumption + second

$2,527/mo
+$1,049/mo
Down payment
$43,291
Funds due
$56,166
Interest + MI left
$328,310
First ends
Nov 2050
New loan

New conventional

$2,981/mo
+$1,504/mo
Down payment
$43,291
Funds due
$52,718
Interest + MI left
$557,899
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$238,609$238,609$381,609
Second mortgage—$143,000—
First P&I$1,157.41$1,157.41$2,585.15
Second P&I—$1,049.28—
Mortgage insurance——$76.32
Taxes, insurance & HOA$320.00$320.00$320.00
Total housing payment$1,477.41$2,526.70$2,981.47

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,291
Closing costs & prepaids$12,875
Usable credit−$0
Total buyer cash needed$56,166
Earnest money paid−$0
Remaining funds due$56,166
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,193.04
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)$510.00
Prepaid interest, first (9 days)$172.39
Prepaid interest, second (9 days)$282.08

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 closing23 yr 11 moOf the original 30-year loan at 2.93%
Interest already paid$46,100Through Dec 2026
Assumption only · ends Nov 2050$93,568
Assumption + second · ends Nov 2050, second Jan 2057$328,310
New conventional · ends Jan 2057$557,899