Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,821/mo
Lowest payment
Down payment
$21,673
Funds due
$34,128
Interest + MI left
$384,181
First ends
Apr 2053
New loan

New conventional

$2,919/mo
+$98/mo
Down payment
$40,000
Funds due
$49,436
Interest + MI left
$526,378
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$378,326$359,999
Second mortgage——
First P&I$2,413.00$2,438.76
Second P&I——
Mortgage insurance—$72.00
Taxes, insurance & HOA$408.00$408.00
Total housing payment$2,821.00$2,918.76

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$21,673
Closing costs & prepaids$12,455
Usable credit−$0
Total buyer cash needed$34,128
Earnest money paid−$0
Remaining funds due$34,128
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,891.63
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$570.91

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 4 moOf the original 30-year loan at 6.12%
Interest already paid$87,158Through Dec 2026
Assumption only · ends Apr 2053$384,181
New conventional · ends Jan 2057$526,378