Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,453/mo
Lowest payment
Down payment
$79,497
Funds due
$89,834
Interest + MI left
$99,986
First ends
Dec 2051
Assumption

Assumption + second

$1,824/mo
+$370/mo
Down payment
$33,497
Funds due
$45,186
Interest + MI left
$187,232
First ends
Dec 2051
New loan

New conventional

$2,342/mo
+$889/mo
Down payment
$33,497
Funds due
$41,812
Interest + MI left
$429,091
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$247,503$247,503$293,503
Second mortgage—$46,000—
First P&I$1,158.30$1,158.30$1,988.29
Second P&I—$370.13—
Mortgage insurance——$58.70
Taxes, insurance & HOA$295.16$295.16$295.16
Total housing payment$1,453.46$1,823.59$2,342.16

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$33,497
Closing costs & prepaids$11,689
Usable credit−$0
Total buyer cash needed$45,186
Earnest money paid−$0
Remaining funds due$45,186
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,270.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,237.51
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)$392.50
Initial HOA (3 months)$42.99
Prepaid interest, first (9 days)$175.76
Prepaid interest, second (9 days)$102.08

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 closing25 yrOf the original 30-year loan at 2.88%
Interest already paid$38,000Through Dec 2026
Assumption only · ends Dec 2051$99,986
Assumption + second · ends Dec 2051, second Jan 2057$187,232
New conventional · ends Jan 2057$429,091