Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,031/mo
+$466/mo
Down payment
$0
Funds due
$11,513
Interest + MI left
$458,679
First ends
Apr 2054
New loan

New conventional

$2,566/mo
Lowest payment
Down payment
$33,000
Funds due
$41,416
Interest + MI left
$450,420
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$390,572$297,000
Second mortgage——
First P&I$2,581.31$2,056.37
Second P&I——
Mortgage insurance—$59.40
Taxes, insurance & HOA$450.17$450.17
Total housing payment$3,031.48$2,565.93

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$11,513
Usable credit−$0
Total buyer cash needed$11,513
Earnest money paid−$0
Remaining funds due$11,513
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,952.86
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$576.50
Initial HOA (3 months)$324.00
Prepaid interest, first (2 days)$142.10

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 closing27 yr 5 moOf the original 30-year loan at 6.640%
Interest already paid$68,082Through Nov 2026
Assumption only · ends Apr 2054$458,679
New conventional · ends Dec 2056$450,420