Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,193/mo
Lowest payment
Down payment
$217,339
Funds due
$228,029
Interest + MI left
$89,814
First ends
Mar 2052
Assumption

Assumption + second

$2,477/mo
+$1,284/mo
Down payment
$42,339
Funds due
$54,317
Interest + MI left
$377,086
First ends
Mar 2052
New loan

New conventional

$2,921/mo
+$1,728/mo
Down payment
$42,339
Funds due
$50,859
Interest + MI left
$572,748
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$202,661$202,661$377,661
Second mortgage—$175,000—
First P&I$962.09$962.09$2,614.85
Second P&I—$1,284.09—
Mortgage insurance——$75.53
Taxes, insurance & HOA$230.58$230.58$230.58
Total housing payment$1,192.67$2,476.76$2,920.96

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,339
Closing costs & prepaids$11,979
Usable credit−$0
Total buyer cash needed$54,317
Earnest money paid−$0
Remaining funds due$54,317
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,013.31
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)$241.75
Prepaid interest, first (1 days)$17.16
Prepaid interest, second (1 days)$38.36

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yr 4 moOf the original 30-year loan at 3.090%
Interest already paid$30,946Through Nov 2026
Assumption only · ends Mar 2052$89,814
Assumption + second · ends Mar 2052, second Dec 2056$377,086
New conventional · ends Dec 2056$572,748