Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$4,366/mo
+$741/mo
Down payment
$28,097
Funds due
$41,841
Interest + MI left
$206,455
First ends
Mar 2041
New loan

New conventional

$3,624/mo
Lowest payment
Down payment
$49,500
Funds due
$59,663
Interest + MI left
$675,631
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$466,903$445,500
Second mortgage——
First P&I$3,914.87$3,084.55
Second P&I——
Mortgage insurance—$89.10
Taxes, insurance & HOA$450.75$450.75
Total housing payment$4,365.62$3,624.40

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$28,097
Closing costs & prepaids$13,744
Usable credit−$0
Total buyer cash needed$41,841
Earnest money paid−$0
Remaining funds due$41,841
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,334.52
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$558.25
Initial HOA (3 months)$294.00
Prepaid interest, first (2 days)$139.18

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing14 yr 4 moOf the original 15-year loan at 5.440%
Interest already paid$17,222Through Nov 2026
Assumption only · ends Mar 2041$206,455
New conventional · ends Dec 2056$675,631