Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,201/mo
+$369/mo
Down payment
$0
Funds due
$12,642
Interest + MI left
$499,092
First ends
Apr 2054
New loan

New conventional

$2,833/mo
Lowest payment
Down payment
$38,900
Funds due
$48,169
Interest + MI left
$511,904
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$422,714$350,100
Second mortgage——
First P&I$2,810.39$2,371.70
Second P&I——
Mortgage insurance—$70.02
Taxes, insurance & HOA$390.91$390.91
Total housing payment$3,201.30$2,832.63

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$12,642
Usable credit−$0
Total buyer cash needed$12,642
Earnest money paid−$0
Remaining funds due$12,642
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,113.57
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$466.75
Initial HOA (3 months)$255.99
Prepaid interest, first (9 days)$697.30

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 4 moOf the original 30-year loan at 6.69%
Interest already paid$76,667Through Dec 2026
Assumption only · ends Apr 2054$499,092
New conventional · ends Jan 2057$511,904