Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,399/mo
+$217/mo
Down payment
$10,467
Funds due
$23,772
Interest + MI left
$506,605
First ends
Jan 2053
New loan

New conventional

$3,183/mo
Lowest payment
Down payment
$44,400
Funds due
$54,265
Interest + MI left
$584,281
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$433,533$399,600
Second mortgage——
First P&I$3,003.63$2,707.03
Second P&I——
Mortgage insurance—$79.92
Taxes, insurance & HOA$395.58$395.58
Total housing payment$3,399.22$3,182.53

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$10,467
Closing costs & prepaids$13,305
Usable credit−$0
Total buyer cash needed$23,772
Earnest money paid−$0
Remaining funds due$23,772
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,167.66
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$532.75
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$742.94

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 1 moOf the original 30-year loan at 6.95%
Interest already paid$120,947Through Dec 2026
Assumption only · ends Jan 2053$506,605
New conventional · ends Jan 2057$584,281