Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,946/mo
Lowest payment
Down payment
$28,898
Funds due
$41,582
Interest + MI left
$430,873
First ends
Jul 2053
New loan

New conventional

$3,020/mo
+$74/mo
Down payment
$42,450
Funds due
$51,988
Interest + MI left
$558,620
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$395,602$382,050
Second mortgage——
First P&I$2,590.83$2,588.14
Second P&I——
Mortgage insurance—$76.41
Taxes, insurance & HOA$355.33$355.33
Total housing payment$2,946.16$3,019.88

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$28,898
Closing costs & prepaids$12,684
Usable credit−$0
Total buyer cash needed$41,582
Earnest money paid−$0
Remaining funds due$41,582
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,245.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,978.01
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$509.50
Initial HOA (3 months)$106.50
Prepaid interest, first (9 days)$627.22

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 7 moOf the original 30-year loan at 6.43%
Interest already paid$88,926Through Dec 2026
Assumption only · ends Jul 2053$430,873
New conventional · ends Jan 2057$558,620