Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,056/mo
Lowest payment
Down payment
$99,701
Funds due
$112,219
Interest + MI left
$141,514
First ends
Dec 2051
Assumption

Assumption + second

$2,490/mo
+$434/mo
Down payment
$45,701
Funds due
$59,588
Interest + MI left
$243,932
First ends
Dec 2051
New loan

New conventional

$3,236/mo
+$1,180/mo
Down payment
$45,701
Funds due
$55,684
Interest + MI left
$591,071
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$350,299$350,299$404,299
Second mortgage—$54,000—
First P&I$1,639.37$1,639.37$2,738.86
Second P&I—$434.50—
Mortgage insurance——$80.86
Taxes, insurance & HOA$416.33$416.33$416.33
Total housing payment$2,055.70$2,490.20$3,236.05

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$45,701
Closing costs & prepaids$13,887
Usable credit−$0
Total buyer cash needed$59,588
Earnest money paid−$0
Remaining funds due$59,588
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,751.49
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)$540.00
Initial HOA (3 months)$258.99
Prepaid interest, first (9 days)$248.76
Prepaid interest, second (9 days)$119.84

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$53,783Through Dec 2026
Assumption only · ends Dec 2051$141,514
Assumption + second · ends Dec 2051, second Jan 2057$243,932
New conventional · ends Jan 2057$591,071