Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,564/mo
+$233/mo
Down payment
$0
Funds due
$14,028
Interest + MI left
$606,751
First ends
Jul 2055
New loan

New conventional

$3,332/mo
Lowest payment
Down payment
$46,500
Funds due
$56,840
Interest + MI left
$611,916
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$474,184$418,500
Second mortgage——
First P&I$3,151.41$2,835.06
Second P&I——
Mortgage insurance—$83.70
Taxes, insurance & HOA$413.00$413.00
Total housing payment$3,564.41$3,331.76

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$14,028
Usable credit−$0
Total buyer cash needed$14,028
Earnest money paid−$0
Remaining funds due$14,028
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,370.92
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$558.00
Initial HOA (3 months)$180.99
Prepaid interest, first (9 days)$799.75

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 7 moOf the original 30-year loan at 6.84%
Interest already paid$46,326Through Dec 2026
Assumption only · ends Jul 2055$606,751
New conventional · ends Jan 2057$611,916