Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$1,443/mo
+$25/mo
Down payment
$0
Funds due
$8,817
Interest + MI left
$113,192
First ends
Mar 2052
New loan

New conventional

$1,418/mo
Lowest payment
Down payment
$18,990
Funds due
$25,655
Interest + MI left
$249,899
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$255,428$170,910
Second mortgage——
First P&I$1,216.57$1,157.80
Second P&I——
Mortgage insurance—$34.18
Taxes, insurance & HOA$226.00$226.00
Total housing payment$1,442.57$1,417.99

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$8,817
Usable credit−$0
Total buyer cash needed$8,817
Earnest money paid−$0
Remaining funds due$8,817
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,277.14
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$228.00
Prepaid interest, first (9 days)$195.25

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing25 yr 3 moOf the original 30-year loan at 3.1%
Interest already paid$39,873Through Dec 2026
Assumption only · ends Mar 2052$113,192
New conventional · ends Jan 2057$249,899