Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,553/mo
Lowest payment
Down payment
$38,879
Funds due
$53,017
Interest + MI left
$253,652
First ends
Aug 2055
New loan

New conventional

$3,647/mo
+$1,094/mo
Down payment
$51,000
Funds due
$61,915
Interest + MI left
$671,134
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$471,121$459,000
Second mortgage——
First P&I$2,106.90$3,109.43
Second P&I——
Mortgage insurance—$91.80
Taxes, insurance & HOA$445.67$445.67
Total housing payment$2,552.57$3,646.89

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$38,879
Closing costs & prepaids$14,138
Usable credit−$0
Total buyer cash needed$53,017
Earnest money paid−$0
Remaining funds due$53,017
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,355.61
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$612.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$377.54

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 8 moOf the original 30-year loan at 3.25%
Interest already paid$20,716Through Dec 2026
Assumption only · ends Aug 2055$253,652
New conventional · ends Jan 2057$671,134