Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,398/mo
+$173/mo
Down payment
$0
Funds due
$13,516
Interest + MI left
$571,887
First ends
Aug 2055
New loan

New conventional

$3,225/mo
Lowest payment
Down payment
$44,800
Funds due
$54,760
Interest + MI left
$589,545
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$454,982$403,200
Second mortgage——
First P&I$2,985.09$2,731.42
Second P&I——
Mortgage insurance—$80.64
Taxes, insurance & HOA$413.17$413.17
Total housing payment$3,398.25$3,225.22

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$13,516
Usable credit−$0
Total buyer cash needed$13,516
Earnest money paid−$0
Remaining funds due$13,516
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,274.91
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$537.50
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$753.90

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 8 moOf the original 30-year loan at 6.72%
Interest already paid$41,088Through Dec 2026
Assumption only · ends Aug 2055$571,887
New conventional · ends Jan 2057$589,545