Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,567/mo
Lowest payment
Down payment
$35,320
Funds due
$51,242
Interest + MI left
$762,638
First ends
Sep 2054
New loan

New conventional

$4,574/mo
+$6/mo
Down payment
$63,900
Funds due
$75,373
Interest + MI left
$872,178
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$603,680$575,100
Second mortgage——
First P&I$4,090.77$3,981.88
Second P&I——
Mortgage insurance—$115.02
Taxes, insurance & HOA$476.67$476.67
Total housing payment$4,567.44$4,573.56

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$35,320
Closing costs & prepaids$15,921
Usable credit−$0
Total buyer cash needed$51,242
Earnest money paid−$0
Remaining funds due$51,242
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,018.40
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$114.95

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 10 moOf the original 30-year loan at 6.950%
Interest already paid$92,050Through Nov 2026
Assumption only · ends Sep 2054$762,638
New conventional · ends Dec 2056$872,178