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

$1,675/mo
+$148/mo
Down payment
$0
Funds due
$9,127
Interest + MI left
$171,342
First ends
Jun 2055
New loan

New conventional

$1,527/mo
Lowest payment
Down payment
$20,000
Funds due
$26,545
Interest + MI left
$272,982
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$319,286$180,000
Second mortgage——
First P&I$1,430.40$1,246.28
Second P&I——
Mortgage insurance—$36.00
Taxes, insurance & HOA$244.67$244.67
Total housing payment$1,675.07$1,526.95

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$9,127
Usable credit−$0
Total buyer cash needed$9,127
Earnest money paid−$0
Remaining funds due$9,127
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,596.43
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$284.00
Prepaid interest, first (1 days)$28.43

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 7 moOf the original 30-year loan at 3.250%
Interest already paid$14,931Through Nov 2026
Assumption only · ends Jun 2055$171,342
New conventional · ends Dec 2056$272,982