Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,873/mo
Lowest payment
Down payment
$37,385
Funds due
$55,865
Interest + MI left
$312,157
First ends
Apr 2052
New loan

New conventional

$5,098/mo
+$1,225/mo
Down payment
$71,250
Funds due
$85,450
Interest + MI left
$937,614
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$675,115$641,250
Second mortgage——
First P&I$3,247.60$4,344.05
Second P&I——
Mortgage insurance—$128.25
Taxes, insurance & HOA$625.67$625.67
Total housing payment$3,873.27$5,097.97

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$37,385
Closing costs & prepaids$18,480
Usable credit−$0
Total buyer cash needed$55,865
Earnest money paid−$0
Remaining funds due$55,865
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,125.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,375.58
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$855.00
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$534.36

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 closing25 yr 4 moOf the original 30-year loan at 3.21%
Interest already paid$106,981Through Dec 2026
Assumption only · ends Apr 2052$312,157
New conventional · ends Jan 2057$937,614