Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,710/mo
+$252/mo
Down payment
$0
Funds due
$14,560
Interest + MI left
$612,723
First ends
Mar 2056
New loan

New conventional

$3,458/mo
Lowest payment
Down payment
$47,500
Funds due
$58,137
Interest + MI left
$625,076
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$522,185$427,500
Second mortgage——
First P&I$3,233.36$2,896.03
Second P&I——
Mortgage insurance—$85.50
Taxes, insurance & HOA$476.67$476.67
Total housing payment$3,710.02$3,458.20

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$14,560
Usable credit−$0
Total buyer cash needed$14,560
Earnest money paid−$0
Remaining funds due$14,560
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,610.93
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$800.87

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 closing29 yr 3 moOf the original 30-year loan at 6.22%
Interest already paid$24,480Through Dec 2026
Assumption only · ends Mar 2056$612,723
New conventional · ends Jan 2057$625,076