Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,511/mo
Lowest payment
Down payment
$56,415
Funds due
$66,593
Interest + MI left
$70,967
First ends
Apr 2051
Assumption

Assumption + second

$1,760/mo
+$249/mo
Down payment
$25,415
Funds due
$36,912
Interest + MI left
$129,763
First ends
Apr 2051
New loan

New conventional

$2,171/mo
+$660/mo
Down payment
$25,415
Funds due
$33,847
Interest + MI left
$328,189
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$193,485$193,485$224,485
Second mortgage—$31,000—
First P&I$905.66$905.66$1,520.74
Second P&I—$249.43—
Mortgage insurance——$44.90
Taxes, insurance & HOA$605.00$605.00$605.00
Total housing payment$1,510.66$1,760.09$2,170.64

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$25,415
Closing costs & prepaids$11,498
Usable credit−$0
Total buyer cash needed$36,912
Earnest money paid−$0
Remaining funds due$36,912
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$967.43
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)$300.00
Initial HOA (3 months)$1,065.00
Prepaid interest, first (9 days)$129.29
Prepaid interest, second (9 days)$68.79

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 4 moOf the original 30-year loan at 2.71%
Interest already paid$32,070Through Dec 2026
Assumption only · ends Apr 2051$70,967
Assumption + second · ends Apr 2051, second Jan 2057$129,763
New conventional · ends Jan 2057$328,189