Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,587/mo
+$603/mo
Down payment
$0
Funds due
$13,370
Interest + MI left
$560,520
First ends
Nov 2054
New loan

New conventional

$2,984/mo
Lowest payment
Down payment
$40,000
Funds due
$49,631
Interest + MI left
$526,380
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$482,723$360,000
Second mortgage——
First P&I$3,114.16$2,438.77
Second P&I——
Mortgage insurance—$72.00
Taxes, insurance & HOA$473.00$473.00
Total housing payment$3,587.16$2,983.77

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$13,370
Usable credit−$0
Total buyer cash needed$13,370
Earnest money paid−$0
Remaining funds due$13,370
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,413.62
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Initial HOA (3 months)$489.00
Prepaid interest, first (9 days)$768.92

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 closing27 yr 11 moOf the original 30-year loan at 6.46%
Interest already paid$65,826Through Dec 2026
Assumption only · ends Nov 2054$560,520
New conventional · ends Jan 2057$526,380