Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,651/mo
+$31/mo
Down payment
$8,715
Funds due
$23,408
Interest + MI left
$561,364
First ends
Feb 2055
New loan

New conventional

$3,620/mo
Lowest payment
Down payment
$48,350
Funds due
$59,402
Interest + MI left
$636,261
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$474,785$435,150
Second mortgage——
First P&I$3,065.53$2,947.86
Second P&I——
Mortgage insurance—$87.03
Taxes, insurance & HOA$585.08$585.08
Total housing payment$3,650.61$3,619.97

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$8,715
Closing costs & prepaids$14,693
Usable credit−$0
Total buyer cash needed$23,408
Earnest money paid−$0
Remaining funds due$23,408
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,835.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,373.93
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$580.25
Initial HOA (3 months)$675.00
Prepaid interest, first (9 days)$760.96

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 2 moOf the original 30-year loan at 6.5%
Interest already paid$57,227Through Dec 2026
Assumption only · ends Feb 2055$561,364
New conventional · ends Jan 2057$636,261