Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,262/mo
Lowest payment
Down payment
$48,868
Funds due
$63,462
Interest + MI left
$362,801
First ends
Jan 2053
New loan

New conventional

$4,038/mo
+$776/mo
Down payment
$54,500
Funds due
$65,312
Interest + MI left
$743,876
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$496,132$490,500
Second mortgage——
First P&I$2,718.24$3,396.12
Second P&I——
Mortgage insurance—$98.10
Taxes, insurance & HOA$544.25$544.25
Total housing payment$3,262.49$4,038.47

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$48,868
Closing costs & prepaids$14,594
Usable credit−$0
Total buyer cash needed$63,462
Earnest money paid−$0
Remaining funds due$63,462
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,480.66
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$736.75
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$62.87

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 2 moOf the original 30-year loan at 4.625%
Interest already paid$90,859Through Nov 2026
Assumption only · ends Jan 2053$362,801
New conventional · ends Dec 2056$743,876