Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,453/mo
Lowest payment
Down payment
$32,971
Funds due
$43,896
Interest + MI left
$383,971
First ends
Oct 2054
New loan

New conventional

$2,566/mo
+$114/mo
Down payment
$33,900
Funds due
$42,167
Interest + MI left
$462,705
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$306,029$305,100
Second mortgage——
First P&I$2,059.70$2,112.45
Second P&I——
Mortgage insurance—$61.02
Taxes, insurance & HOA$392.92$392.92
Total housing payment$2,452.62$2,566.39

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$32,971
Closing costs & prepaids$10,925
Usable credit−$0
Total buyer cash needed$43,896
Earnest money paid−$0
Remaining funds due$43,896
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,530.14
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$188.75
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$57.77

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 closing27 yr 11 moOf the original 30-year loan at 6.890%
Interest already paid$44,465Through Nov 2026
Assumption only · ends Oct 2054$383,971
New conventional · ends Dec 2056$462,705