Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$913/mo
Lowest payment
Down payment
$271,100
Funds due
$281,473
Interest + MI left
$45,862
First ends
Sep 2051
Assumption

Assumption + second

$2,568/mo
+$1,655/mo
Down payment
$40,100
Funds due
$51,772
Interest + MI left
$410,630
First ends
Sep 2051
New loan

New conventional

$2,881/mo
+$1,968/mo
Down payment
$40,100
Funds due
$48,698
Interest + MI left
$545,813
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$128,900$128,900$359,900
Second mortgage—$231,000—
First P&I$596.05$596.05$2,491.87
Second P&I—$1,654.91—
Mortgage insurance——$71.98
Taxes, insurance & HOA$317.17$317.17$317.17
Total housing payment$913.22$2,568.13$2,881.02

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,100
Closing costs & prepaids$11,672
Usable credit−$0
Total buyer cash needed$51,772
Earnest money paid−$0
Remaining funds due$51,772
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$644.50
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)$276.50
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$9.27
Prepaid interest, second (1 days)$49.05

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 10 moOf the original 30-year loan at 2.625%
Interest already paid$18,953Through Nov 2026
Assumption only · ends Sep 2051$45,862
Assumption + second · ends Sep 2051, second Dec 2056$410,630
New conventional · ends Dec 2056$545,813