Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,056/mo
+$27/mo
Down payment
$16,690
Funds due
$29,523
Interest + MI left
$492,105
First ends
Jan 2055
New loan

New conventional

$3,028/mo
Lowest payment
Down payment
$41,800
Funds due
$51,417
Interest + MI left
$550,067
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$401,310$376,200
Second mortgage——
First P&I$2,651.08$2,548.51
Second P&I——
Mortgage insurance—$75.24
Taxes, insurance & HOA$404.50$404.50
Total housing payment$3,055.58$3,028.25

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$16,690
Closing costs & prepaids$12,833
Usable credit−$0
Total buyer cash needed$29,523
Earnest money paid−$0
Remaining funds due$29,523
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,006.55
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$501.50
Initial HOA (3 months)$261.99
Prepaid interest, first (9 days)$664.96

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 1 moOf the original 30-year loan at 6.72%
Interest already paid$52,285Through Dec 2026
Assumption only · ends Jan 2055$492,105
New conventional · ends Jan 2057$550,067