Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,642/mo
Lowest payment
Down payment
$15,608
Funds due
$29,422
Interest + MI left
$625,210
First ends
Oct 2055
New loan

New conventional

$3,650/mo
+$8/mo
Down payment
$50,000
Funds due
$60,100
Interest + MI left
$682,454
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$484,391$449,999
Second mortgage——
First P&I$3,197.70$3,115.70
Second P&I——
Mortgage insurance—$90.00
Taxes, insurance & HOA$444.67$444.67
Total housing payment$3,642.36$3,650.37

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$15,608
Closing costs & prepaids$13,814
Usable credit−$0
Total buyer cash needed$29,422
Earnest money paid−$0
Remaining funds due$29,422
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,421.96
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$90.38

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 closing28 yr 11 moOf the original 30-year loan at 6.810%
Interest already paid$35,961Through Nov 2026
Assumption only · ends Oct 2055$625,210
New conventional · ends Dec 2056$682,454