Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,111/mo
+$62/mo
Down payment
$2,255
Funds due
$14,512
Interest + MI left
$498,087
First ends
Jan 2055
New loan

New conventional

$3,050/mo
Lowest payment
Down payment
$40,700
Funds due
$49,733
Interest + MI left
$555,519
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$404,745$366,300
Second mortgage——
First P&I$2,671.10$2,536.19
Second P&I——
Mortgage insurance—$73.26
Taxes, insurance & HOA$440.25$440.25
Total housing payment$3,111.35$3,049.70

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$2,255
Closing costs & prepaids$12,257
Usable credit−$0
Total buyer cash needed$14,512
Earnest money paid−$0
Remaining funds due$14,512
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,070.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,023.72
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$495.75
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$74.52

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 closing28 yr 2 moOf the original 30-year loan at 6.720%
Interest already paid$50,413Through Nov 2026
Assumption only · ends Jan 2055$498,087
New conventional · ends Dec 2056$555,519