Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,023/mo
Lowest payment
Down payment
$31,190
Funds due
$44,219
Interest + MI left
$514,755
First ends
Apr 2056
New loan

New conventional

$3,364/mo
+$341/mo
Down payment
$47,809
Funds due
$57,358
Interest + MI left
$652,543
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$446,895$430,276
Second mortgage——
First P&I$2,724.22$2,979.14
Second P&I——
Mortgage insurance—$86.06
Taxes, insurance & HOA$298.83$298.83
Total housing payment$3,023.06$3,364.03

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$31,190
Closing costs & prepaids$13,029
Usable credit−$0
Total buyer cash needed$44,219
Earnest money paid−$0
Remaining funds due$44,219
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,780.85
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,234.48
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$18.50
Initial HOA (3 months)$378.00
Prepaid interest, first (2 days)$149.13

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 closing29 yr 5 moOf the original 30-year loan at 6.090%
Interest already paid$15,940Through Nov 2026
Assumption only · ends Apr 2056$514,755
New conventional · ends Dec 2056$652,543