Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,656/mo
Lowest payment
Down payment
$324,481
Funds due
$341,648
Interest + MI left
$188,938
First ends
Aug 2051
Assumption

Assumption + second

$4,411/mo
+$1,755/mo
Down payment
$79,481
Funds due
$97,950
Interest + MI left
$575,813
First ends
Aug 2051
New loan

New conventional

$5,495/mo
+$2,839/mo
Down payment
$79,481
Funds due
$92,862
Interest + MI left
$1,069,826
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$460,519$460,519$705,519
Second mortgage—$245,000—
First P&I$2,186.72$2,186.72$4,884.87
Second P&I—$1,755.21—
Mortgage insurance——$141.10
Taxes, insurance & HOA$469.42$469.42$469.42
Total housing payment$2,656.14$4,411.35$5,495.39

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$79,481
Closing costs & prepaids$18,468
Usable credit−$0
Total buyer cash needed$97,950
Earnest money paid−$0
Remaining funds due$97,950
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,302.59
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$758.25
Prepaid interest, first (1 days)$37.22
Prepaid interest, second (1 days)$52.02

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 closing24 yr 9 moOf the original 30-year loan at 2.950%
Interest already paid$76,282Through Nov 2026
Assumption only · ends Aug 2051$188,938
Assumption + second · ends Aug 2051, second Dec 2056$575,813
New conventional · ends Dec 2056$1,069,826