Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,054/mo
+$47/mo
Down payment
$40,540
Funds due
$53,186
Interest + MI left
$503,596
First ends
Feb 2054
New loan

New conventional

$3,008/mo
Lowest payment
Down payment
$42,800
Funds due
$52,272
Interest + MI left
$563,226
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$387,460$385,200
Second mortgage——
First P&I$2,733.30$2,609.48
Second P&I——
Mortgage insurance—$77.04
Taxes, insurance & HOA$321.17$321.17
Total housing payment$3,054.47$3,007.69

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$40,540
Closing costs & prepaids$12,645
Usable credit−$0
Total buyer cash needed$53,186
Earnest money paid−$0
Remaining funds due$53,186
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,280.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,937.30
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$513.50
Prepaid interest, first (9 days)$696.47

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 closing27 yr 2 moOf the original 30-year loan at 7.29%
Interest already paid$81,307Through Dec 2026
Assumption only · ends Feb 2054$503,596
New conventional · ends Jan 2057$563,226