Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,917/mo
+$107/mo
Down payment
$17,697
Funds due
$29,990
Interest + MI left
$407,903
First ends
Jan 2053
New loan

New conventional

$2,810/mo
Lowest payment
Down payment
$36,980
Funds due
$46,339
Interest + MI left
$486,638
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$352,103$332,820
Second mortgage——
First P&I$2,428.13$2,254.64
Second P&I——
Mortgage insurance—$66.56
Taxes, insurance & HOA$488.92$488.92
Total housing payment$2,917.05$2,810.12

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$17,697
Closing costs & prepaids$12,292
Usable credit−$0
Total buyer cash needed$29,990
Earnest money paid−$0
Remaining funds due$29,990
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,698.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,760.51
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$443.75
Initial HOA (3 months)$573.00
Prepaid interest, first (9 days)$599.06

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 30-year loan at 6.9%
Interest already paid$97,544Through Dec 2026
Assumption only · ends Jan 2053$407,903
New conventional · ends Jan 2057$486,638