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
$38,402
Funds due
$51,482
Interest + MI left
$470,264
First ends
Aug 2053
New loan

New conventional

$3,172/mo
+$37/mo
Down payment
$44,000
Funds due
$53,866
Interest + MI left
$579,017
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$401,598$396,000
Second mortgage——
First P&I$2,724.57$2,682.64
Second P&I——
Mortgage insurance—$79.20
Taxes, insurance & HOA$410.00$410.00
Total housing payment$3,134.57$3,171.84

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$38,402
Closing costs & prepaids$13,080
Usable credit−$0
Total buyer cash needed$51,482
Earnest money paid−$0
Remaining funds due$51,482
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,007.99
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$674.35

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 8 moOf the original 30-year loan at 6.81%
Interest already paid$93,081Through Dec 2026
Assumption only · ends Aug 2053$470,264
New conventional · ends Jan 2057$579,017