Sophia Sommer

(602) 512-9825

Compare the three ways to buy

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

Cash to Close
Assumption

Assumption only

$3,308/mo
Lowest payment
Down payment
$137,908
Funds due
$153,765
Interest + MI left
$327,290
First ends
Jun 2052
Assumption

Assumption + second

$3,888/mo
+$579/mo
Down payment
$65,908
Funds due
$83,033
Interest + MI left
$463,848
First ends
Jun 2052
New loan

New conventional

$4,770/mo
+$1,462/mo
Down payment
$65,908
Funds due
$77,769
Interest + MI left
$899,464
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$521,092$521,092$593,092
Second mortgage—$72,000—
First P&I$2,763.46$2,763.46$4,106.45
Second P&I—$579.33—
Mortgage insurance——$118.62
Taxes, insurance & HOA$544.92$544.92$544.92
Total housing payment$3,308.38$3,887.71$4,769.98

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$65,908
Closing costs & prepaids$17,125
Usable credit−$0
Total buyer cash needed$83,033
Earnest money paid−$0
Remaining funds due$83,033
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,605.46
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$774.75
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$59.53
Prepaid interest, second (1 days)$17.75

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 closing25 yr 7 moOf the original 30-year loan at 4.170%
Interest already paid$100,422Through Nov 2026
Assumption only · ends Jun 2052$327,290
Assumption + second · ends Jun 2052, second Dec 2056$463,848
New conventional · ends Dec 2056$899,464