Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,658/mo
Lowest payment
Down payment
$19,409
Funds due
$31,381
Interest + MI left
$368,202
First ends
Apr 2053
New loan

New conventional

$2,737/mo
+$79/mo
Down payment
$37,990
Funds due
$47,045
Interest + MI left
$499,929
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$360,491$341,910
Second mortgage——
First P&I$2,305.99$2,316.22
Second P&I——
Mortgage insurance—$68.38
Taxes, insurance & HOA$352.00$352.00
Total housing payment$2,657.99$2,736.60

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$19,409
Closing costs & prepaids$11,972
Usable credit−$0
Total buyer cash needed$31,381
Earnest money paid−$0
Remaining funds due$31,381
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,802.46
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$456.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$546.66

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 4 moOf the original 30-year loan at 6.15%
Interest already paid$83,445Through Dec 2026
Assumption only · ends Apr 2053$368,202
New conventional · ends Jan 2057$499,929