Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$5,018/mo
+$511/mo
Down payment
$0
Funds due
$17,583
Interest + MI left
$862,310
First ends
Jan 2056
New loan

New conventional

$4,507/mo
Lowest payment
Down payment
$65,000
Funds due
$77,341
Interest + MI left
$855,367
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$739,940$585,000
Second mortgage——
First P&I$4,590.97$3,962.99
Second P&I——
Mortgage insurance—$117.00
Taxes, insurance & HOA$426.67$426.67
Total housing payment$5,017.64$4,506.66

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$17,583
Usable credit−$0
Total buyer cash needed$17,583
Earnest money paid−$0
Remaining funds due$17,583
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,699.70
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$780.00
Prepaid interest, first (9 days)$1,134.84

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 closing29 yr 1 moOf the original 30-year loan at 6.22%
Interest already paid$42,442Through Dec 2026
Assumption only · ends Jan 2056$862,310
New conventional · ends Jan 2057$855,367