Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,525/mo
Lowest payment
Down payment
$33,274
Funds due
$44,876
Interest + MI left
$382,213
First ends
Oct 2054
New loan

New conventional

$2,593/mo
+$68/mo
Down payment
$33,900
Funds due
$42,863
Interest + MI left
$446,107
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$305,726$305,100
Second mortgage——
First P&I$2,059.70$2,066.85
Second P&I——
Mortgage insurance—$61.02
Taxes, insurance & HOA$465.58$465.58
Total housing payment$2,525.28$2,593.46

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$33,274
Closing costs & prepaids$11,603
Usable credit−$0
Total buyer cash needed$44,876
Earnest money paid−$0
Remaining funds due$44,876
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,528.63
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$406.75
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$519.40

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 10 moOf the original 30-year loan at 6.89%
Interest already paid$46,222Through Dec 2026
Assumption only · ends Oct 2054$382,213
New conventional · ends Jan 2057$446,107