Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,774/mo
Lowest payment
Down payment
$13,458
Funds due
$26,390
Interest + MI left
$322,612
First ends
Mar 2053
New loan

New conventional

$3,126/mo
+$353/mo
Down payment
$43,000
Funds due
$52,811
Interest + MI left
$565,858
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$416,542$387,000
Second mortgage——
First P&I$2,346.52$2,621.67
Second P&I——
Mortgage insurance—$77.40
Taxes, insurance & HOA$427.00$427.00
Total housing payment$2,773.52$3,126.07

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$13,458
Closing costs & prepaids$12,932
Usable credit−$0
Total buyer cash needed$26,390
Earnest money paid−$0
Remaining funds due$26,390
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,082.71
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$516.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$500.71

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 closing26 yr 3 moOf the original 30-year loan at 4.875%
Interest already paid$78,733Through Dec 2026
Assumption only · ends Mar 2053$322,612
New conventional · ends Jan 2057$565,858