Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,531/mo
Lowest payment
Down payment
$18,026
Funds due
$32,455
Interest + MI left
$592,023
First ends
Jul 2055
New loan

New conventional

$3,572/mo
+$41/mo
Down payment
$51,000
Funds due
$61,690
Interest + MI left
$671,134
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$491,974$459,000
Second mortgage——
First P&I$3,160.34$3,109.43
Second P&I——
Mortgage insurance—$91.80
Taxes, insurance & HOA$370.67$370.67
Total housing payment$3,531.01$3,571.89

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$18,026
Closing costs & prepaids$14,428
Usable credit−$0
Total buyer cash needed$32,455
Earnest money paid−$0
Remaining funds due$32,455
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%)$2,459.87
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$612.00
Prepaid interest, first (9 days)$788.51

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 7 moOf the original 30-year loan at 6.5%
Interest already paid$45,699Through Dec 2026
Assumption only · ends Jul 2055$592,023
New conventional · ends Jan 2057$671,134