Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,140/mo
Lowest payment
Down payment
$112,148
Funds due
$121,324
Interest + MI left
$83,784
First ends
Apr 2050
Assumption

Assumption + second

$1,816/mo
+$676/mo
Down payment
$28,148
Funds due
$38,616
Interest + MI left
$243,102
First ends
Apr 2050
New loan

New conventional

$2,039/mo
+$898/mo
Down payment
$28,148
Funds due
$35,478
Interest + MI left
$381,799
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$167,752$167,752$251,752
Second mortgage—$84,000—
First P&I$895.14$895.14$1,743.08
Second P&I—$675.88—
Mortgage insurance——$50.35
Taxes, insurance & HOA$245.25$245.25$245.25
Total housing payment$1,140.39$1,816.28$2,038.68

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$28,148
Closing costs & prepaids$10,467
Usable credit−$0
Total buyer cash needed$38,616
Earnest money paid−$0
Remaining funds due$38,616
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$838.76
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)$285.75
Prepaid interest, first (2 days)$34.19
Prepaid interest, second (2 days)$41.42

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 closing23 yr 5 moOf the original 30-year loan at 3.720%
Interest already paid$44,468Through Nov 2026
Assumption only · ends Apr 2050$83,784
Assumption + second · ends Apr 2050, second Dec 2056$243,102
New conventional · ends Dec 2056$381,799