Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,104/mo
Lowest payment
Down payment
$27,404
Funds due
$39,866
Interest + MI left
$484,343
First ends
Jul 2054
New loan

New conventional

$3,152/mo
+$48/mo
Down payment
$41,900
Funds due
$51,197
Interest + MI left
$571,898
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$391,596$377,100
Second mortgage——
First P&I$2,638.37$2,610.96
Second P&I——
Mortgage insurance—$75.42
Taxes, insurance & HOA$466.00$466.00
Total housing payment$3,104.37$3,152.38

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$27,404
Closing costs & prepaids$12,461
Usable credit−$0
Total buyer cash needed$39,866
Earnest money paid−$0
Remaining funds due$39,866
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,957.98
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$615.00
Initial HOA (3 months)$333.00
Prepaid interest, first (2 days)$147.41

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 8 moOf the original 30-year loan at 6.870%
Interest already paid$63,644Through Nov 2026
Assumption only · ends Jul 2054$484,343
New conventional · ends Dec 2056$571,898