Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$962/mo
Lowest payment
Down payment
$186,521
Funds due
$195,560
Interest + MI left
$32,742
First ends
Jun 2043
Assumption

Assumption + second

$2,122/mo
+$1,159/mo
Down payment
$28,521
Funds due
$38,879
Interest + MI left
$292,107
First ends
Jun 2043
New loan

New conventional

$2,130/mo
+$1,168/mo
Down payment
$28,521
Funds due
$36,074
Interest + MI left
$388,968
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$98,479$98,479$256,479
Second mortgage—$158,000—
First P&I$659.40$659.40$1,775.81
Second P&I—$1,159.35—
Mortgage insurance——$51.30
Taxes, insurance & HOA$302.92$302.92$302.92
Total housing payment$962.32$2,121.67$2,130.02

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$28,521
Closing costs & prepaids$10,358
Usable credit−$0
Total buyer cash needed$38,879
Earnest money paid−$0
Remaining funds due$38,879
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$492.40
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)$290.75
Initial HOA (3 months)$168.00
Prepaid interest, first (2 days)$19.59
Prepaid interest, second (2 days)$69.26

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 closing16 yr 7 moOf the original 30-year loan at 3.630%
Interest already paid$60,143Through Nov 2026
Assumption only · ends Jun 2043$32,742
Assumption + second · ends Jun 2043, second Dec 2056$292,107
New conventional · ends Dec 2056$388,968