Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,551/mo
Lowest payment
Down payment
$10,159
Funds due
$21,784
Interest + MI left
$351,491
First ends
May 2053
New loan

New conventional

$2,582/mo
+$32/mo
Down payment
$35,500
Funds due
$44,298
Interest + MI left
$467,162
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$344,841$319,500
Second mortgage——
First P&I$2,196.63$2,164.40
Second P&I——
Mortgage insurance—$63.90
Taxes, insurance & HOA$354.00$354.00
Total housing payment$2,550.63$2,582.30

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$10,159
Closing costs & prepaids$11,625
Usable credit−$0
Total buyer cash needed$21,784
Earnest money paid−$0
Remaining funds due$21,784
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,724.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$426.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$520.38

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 5 moOf the original 30-year loan at 6.12%
Interest already paid$77,584Through Dec 2026
Assumption only · ends May 2053$351,491
New conventional · ends Jan 2057$467,162