Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,071/mo
+$247/mo
Down payment
$0
Funds due
$12,506
Interest + MI left
$517,771
First ends
Jun 2055
New loan

New conventional

$2,824/mo
Lowest payment
Down payment
$39,200
Funds due
$48,419
Interest + MI left
$515,852
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$408,229$352,800
Second mortgage——
First P&I$2,707.60$2,389.99
Second P&I——
Mortgage insurance—$70.56
Taxes, insurance & HOA$363.66$363.66
Total housing payment$3,071.27$2,824.21

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$12,506
Usable credit−$0
Total buyer cash needed$12,506
Earnest money paid−$0
Remaining funds due$12,506
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,920.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,041.15
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$470.50
Initial HOA (3 months)$170.49
Prepaid interest, first (9 days)$685.49

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 closing28 yr 6 moOf the original 30-year loan at 6.81%
Interest already paid$42,066Through Dec 2026
Assumption only · ends Jun 2055$517,771
New conventional · ends Jan 2057$515,852