Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,672/mo
Lowest payment
Down payment
$41,785
Funds due
$56,662
Interest + MI left
$542,634
First ends
Jul 2053
New loan

New conventional

$3,799/mo
+$127/mo
Down payment
$54,000
Funds due
$65,123
Interest + MI left
$710,612
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$498,215$486,000
Second mortgage——
First P&I$3,262.85$3,292.33
Second P&I——
Mortgage insurance—$97.20
Taxes, insurance & HOA$409.34$409.34
Total housing payment$3,672.19$3,798.87

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$41,785
Closing costs & prepaids$14,877
Usable credit−$0
Total buyer cash needed$56,662
Earnest money paid−$0
Remaining funds due$56,662
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,491.08
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$648.00
Initial HOA (3 months)$80.01
Prepaid interest, first (9 days)$789.91

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$111,992Through Dec 2026
Assumption only · ends Jul 2053$542,634
New conventional · ends Jan 2057$710,612