Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$2,841/mo
+$250/mo
Down payment
$0
Funds due
$11,922
Interest + MI left
$267,493
First ends
Jul 2051
New loan

New conventional

$2,591/mo
Lowest payment
Down payment
$30,799
Funds due
$39,774
Interest + MI left
$400,581
First ends
Jan 2057

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$372,584$277,191
Second mortgage——
First P&I$2,169.75$1,864.68
Second P&I——
Mortgage insurance—$55.44
Taxes, insurance & HOA$670.75$670.75
Total housing payment$2,840.50$2,590.87

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$11,922
Usable credit−$0
Total buyer cash needed$11,922
Earnest money paid−$0
Remaining funds due$11,922
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,079.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,862.92
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$785.25
Initial HOA (3 months)$777.00
Prepaid interest, first (4 days)$199.05

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing24 yr 7 moOf the original 30-year loan at 4.875%
Interest already paid$103,618Through Dec 2026
Assumption only · ends Jul 2051$267,493
New conventional · ends Jan 2057$400,581