Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,381/mo
+$2/mo
Down payment
$35,734
Funds due
$49,452
Interest + MI left
$521,288
First ends
Jul 2054
New loan

New conventional

$3,380/mo
Lowest payment
Down payment
$45,000
Funds due
$55,407
Interest + MI left
$592,176
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$414,265$404,999
Second mortgage——
First P&I$2,826.44$2,743.60
Second P&I——
Mortgage insurance—$81.00
Taxes, insurance & HOA$555.00$555.00
Total housing payment$3,381.44$3,379.60

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$35,734
Closing costs & prepaids$13,718
Usable credit−$0
Total buyer cash needed$49,452
Earnest money paid−$0
Remaining funds due$49,452
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,071.33
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Initial HOA (3 months)$675.00
Prepaid interest, first (9 days)$714.01

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 closing27 yr 7 moOf the original 30-year loan at 6.99%
Interest already paid$70,967Through Dec 2026
Assumption only · ends Jul 2054$521,288
New conventional · ends Jan 2057$592,176