Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,680/mo
Lowest payment
Down payment
$75,702
Funds due
$86,500
Interest + MI left
$113,257
First ends
Jan 2052
Assumption

Assumption + second

$2,018/mo
+$338/mo
Down payment
$33,702
Funds due
$45,771
Interest + MI left
$192,916
First ends
Jan 2052
New loan

New conventional

$2,593/mo
+$913/mo
Down payment
$33,702
Funds due
$42,152
Interest + MI left
$456,939
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$259,298$259,298$301,298
Second mortgage—$42,000—
First P&I$1,233.63$1,233.63$2,086.13
Second P&I—$337.94—
Mortgage insurance——$60.26
Taxes, insurance & HOA$446.75$446.75$446.75
Total housing payment$1,680.38$2,018.32$2,593.14

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$33,702
Closing costs & prepaids$12,069
Usable credit−$0
Total buyer cash needed$45,771
Earnest money paid−$0
Remaining funds due$45,771
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,296.49
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)$396.25
Initial HOA (3 months)$494.01
Prepaid interest, first (2 days)$43.62
Prepaid interest, second (2 days)$20.71

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 3.070%
Interest already paid$40,849Through Nov 2026
Assumption only · ends Jan 2052$113,257
Assumption + second · ends Jan 2052, second Dec 2056$192,916
New conventional · ends Dec 2056$456,939