Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,894/mo
Lowest payment
Down payment
$44,401
Funds due
$58,728
Interest + MI left
$587,849
First ends
Jan 2053
New loan

New conventional

$3,938/mo
+$44/mo
Down payment
$54,990
Funds due
$65,451
Interest + MI left
$750,564
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$505,499$494,910
Second mortgage——
First P&I$3,482.00$3,426.66
Second P&I——
Mortgage insurance—$98.98
Taxes, insurance & HOA$412.25$412.25
Total housing payment$3,894.25$3,937.89

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$44,401
Closing costs & prepaids$14,327
Usable credit−$0
Total buyer cash needed$58,728
Earnest money paid−$0
Remaining funds due$58,728
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,527.49
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$736.75
Prepaid interest, first (1 days)$95.56

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.900%
Interest already paid$136,974Through Nov 2026
Assumption only · ends Jan 2053$587,849
New conventional · ends Dec 2056$750,564