Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,757/mo
Lowest payment
Down payment
$209,520
Funds due
$222,105
Interest + MI left
$125,152
First ends
Mar 2052
Assumption

Assumption + second

$2,931/mo
+$1,174/mo
Down payment
$49,520
Funds due
$63,425
Interest + MI left
$387,800
First ends
Mar 2052
New loan

New conventional

$3,560/mo
+$1,803/mo
Down payment
$49,520
Funds due
$59,546
Interest + MI left
$667,778
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$280,380$280,380$440,380
Second mortgage—$160,000—
First P&I$1,333.99$1,333.99$3,049.10
Second P&I—$1,174.02—
Mortgage insurance——$88.08
Taxes, insurance & HOA$422.92$422.92$422.92
Total housing payment$1,756.90$2,930.93$3,560.09

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$49,520
Closing costs & prepaids$13,906
Usable credit−$0
Total buyer cash needed$63,425
Earnest money paid−$0
Remaining funds due$63,425
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,401.90
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)$429.75
Initial HOA (3 months)$339.00
Prepaid interest, first (2 days)$47.78
Prepaid interest, second (2 days)$70.14

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 4 moOf the original 30-year loan at 3.110%
Interest already paid$43,083Through Nov 2026
Assumption only · ends Mar 2052$125,152
Assumption + second · ends Mar 2052, second Dec 2056$387,800
New conventional · ends Dec 2056$667,778