Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,874/mo
Lowest payment
Down payment
$277,906
Funds due
$291,275
Interest + MI left
$130,930
First ends
Aug 2050
Assumption

Assumption + second

$3,443/mo
+$1,569/mo
Down payment
$58,906
Funds due
$73,572
Interest + MI left
$476,750
First ends
Aug 2050
New loan

New conventional

$4,067/mo
+$2,193/mo
Down payment
$58,906
Funds due
$69,462
Interest + MI left
$790,170
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$302,094$302,094$521,094
Second mortgage—$219,000—
First P&I$1,519.38$1,519.38$3,607.95
Second P&I—$1,568.94—
Mortgage insurance——$104.22
Taxes, insurance & HOA$354.67$354.67$354.67
Total housing payment$1,874.05$3,442.99$4,066.84

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$58,906
Closing costs & prepaids$14,666
Usable credit−$0
Total buyer cash needed$73,572
Earnest money paid−$0
Remaining funds due$73,572
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,510.47
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)$564.00
Prepaid interest, first (1 days)$26.73
Prepaid interest, second (1 days)$46.50

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 closing23 yr 9 moOf the original 30-year loan at 3.230%
Interest already paid$66,048Through Nov 2026
Assumption only · ends Aug 2050$130,930
Assumption + second · ends Aug 2050, second Dec 2056$476,750
New conventional · ends Dec 2056$790,170