Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,432/mo
Lowest payment
Down payment
$209,957
Funds due
$225,026
Interest + MI left
$154,603
First ends
Mar 2051
Assumption

Assumption + second

$3,496/mo
+$1,064/mo
Down payment
$64,957
Funds due
$81,562
Interest + MI left
$392,628
First ends
Mar 2051
New loan

New conventional

$4,433/mo
+$2,001/mo
Down payment
$64,957
Funds due
$77,168
Interest + MI left
$840,693
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$430,043$430,043$575,043
Second mortgage—$145,000—
First P&I$2,009.09$2,009.09$3,895.54
Second P&I—$1,063.96—
Mortgage insurance——$115.01
Taxes, insurance & HOA$422.67$422.67$422.67
Total housing payment$2,431.76$3,495.72$4,433.22

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$64,957
Closing costs & prepaids$16,605
Usable credit−$0
Total buyer cash needed$81,562
Earnest money paid−$0
Remaining funds due$81,562
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,150.21
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)$768.00
Prepaid interest, first (9 days)$283.12
Prepaid interest, second (9 days)$286.03

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$71,390Through Dec 2026
Assumption only · ends Mar 2051$154,603
Assumption + second · ends Mar 2051, second Jan 2057$392,628
New conventional · ends Jan 2057$840,693