Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,380/mo
Lowest payment
Down payment
$50,513
Funds due
$64,146
Interest + MI left
$495,595
First ends
Jun 2053
New loan

New conventional

$3,672/mo
+$292/mo
Down payment
$51,500
Funds due
$61,515
Interest + MI left
$702,929
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$464,487$463,500
Second mortgage——
First P&I$3,009.66$3,209.18
Second P&I——
Mortgage insurance—$92.70
Taxes, insurance & HOA$370.50$370.50
Total housing payment$3,380.16$3,672.38

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$50,513
Closing costs & prepaids$13,632
Usable credit−$0
Total buyer cash needed$64,146
Earnest money paid−$0
Remaining funds due$64,146
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,322.43
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$457.00
Initial HOA (3 months)$154.50
Prepaid interest, first (1 days)$80.43

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 7 moOf the original 30-year loan at 6.320%
Interest already paid$102,671Through Nov 2026
Assumption only · ends Jun 2053$495,595
New conventional · ends Dec 2056$702,929