Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,943/mo
Lowest payment
Down payment
$27,265
Funds due
$39,345
Interest + MI left
$470,626
First ends
Oct 2054
New loan

New conventional

$3,007/mo
+$64/mo
Down payment
$40,500
Funds due
$49,500
Interest + MI left
$552,789
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$377,735$364,500
Second mortgage——
First P&I$2,532.42$2,523.72
Second P&I——
Mortgage insurance—$72.90
Taxes, insurance & HOA$410.58$410.58
Total housing payment$2,943.00$3,007.21

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$27,265
Closing costs & prepaids$12,080
Usable credit−$0
Total buyer cash needed$39,345
Earnest money paid−$0
Remaining funds due$39,345
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,888.67
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$406.75
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$141.78

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 11 moOf the original 30-year loan at 6.850%
Interest already paid$54,569Through Nov 2026
Assumption only · ends Oct 2054$470,626
New conventional · ends Dec 2056$552,789