Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,135/mo
Lowest payment
Down payment
$4,872
Funds due
$18,096
Interest + MI left
$506,774
First ends
Nov 2055
New loan

New conventional

$3,155/mo
+$20/mo
Down payment
$43,200
Funds due
$53,083
Interest + MI left
$568,490
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$427,128$388,800
Second mortgage——
First P&I$2,691.36$2,633.87
Second P&I——
Mortgage insurance—$77.76
Taxes, insurance & HOA$443.83$443.83
Total housing payment$3,135.20$3,155.46

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$4,872
Closing costs & prepaids$13,224
Usable credit−$0
Total buyer cash needed$18,096
Earnest money paid−$0
Remaining funds due$18,096
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,320.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,135.64
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$518.50
Initial HOA (3 months)$363.00
Prepaid interest, first (9 days)$668.78

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 closing28 yr 11 moOf the original 30-year loan at 6.35%
Interest already paid$29,585Through Dec 2026
Assumption only · ends Nov 2055$506,774
New conventional · ends Jan 2057$568,490