Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,057/mo
+$450/mo
Down payment
$0
Funds due
$12,173
Interest + MI left
$419,053
First ends
Jan 2053
New loan

New conventional

$2,607/mo
Lowest payment
Down payment
$35,000
Funds due
$43,913
Interest + MI left
$460,582
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$409,403$315,000
Second mortgage——
First P&I$2,646.82$2,133.92
Second P&I——
Mortgage insurance—$63.00
Taxes, insurance & HOA$410.00$410.00
Total housing payment$3,056.82$2,606.92

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$12,173
Usable credit−$0
Total buyer cash needed$12,173
Earnest money paid−$0
Remaining funds due$12,173
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,047.02
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$420.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$627.90

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 27-year loan at 6.22%
Interest already paid$23,518Through Dec 2026
Assumption only · ends Jan 2053$419,053
New conventional · ends Jan 2057$460,582