Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,199/mo
Lowest payment
Down payment
$39,877
Funds due
$54,004
Interest + MI left
$406,015
First ends
Aug 2053
New loan

New conventional

$3,835/mo
+$636/mo
Down payment
$53,900
Funds due
$64,260
Interest + MI left
$735,687
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$499,123$485,100
Second mortgage——
First P&I$2,819.74$3,358.73
Second P&I——
Mortgage insurance—$97.02
Taxes, insurance & HOA$379.00$379.00
Total housing payment$3,198.74$3,834.75

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$39,877
Closing costs & prepaids$14,127
Usable credit−$0
Total buyer cash needed$54,004
Earnest money paid−$0
Remaining funds due$54,004
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,495.61
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$472.00
Initial HOA (3 months)$165.00
Prepaid interest, first (2 days)$136.47

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 closing26 yr 9 moOf the original 30-year loan at 4.990%
Interest already paid$83,228Through Nov 2026
Assumption only · ends Aug 2053$406,015
New conventional · ends Dec 2056$735,687