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

$4,348/mo
Lowest payment
Down payment
$294,854
Funds due
$313,136
Interest + MI left
$541,394
First ends
Apr 2050
Assumption

Assumption + second

$5,845/mo
+$1,497/mo
Down payment
$85,854
Funds due
$105,430
Interest + MI left
$871,423
First ends
Apr 2050
New loan

New conventional

$5,889/mo
+$1,541/mo
Down payment
$85,854
Funds due
$99,762
Interest + MI left
$1,158,726
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$555,146$555,146$764,146
Second mortgage—$209,000—
First P&I$3,902.28$3,902.28$5,290.79
Second P&I—$1,497.30—
Mortgage insurance——$152.83
Taxes, insurance & HOA$445.50$445.50$445.50
Total housing payment$4,347.78$5,845.08$5,889.12

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$85,854
Closing costs & prepaids$19,576
Usable credit−$0
Total buyer cash needed$105,430
Earnest money paid−$0
Remaining funds due$105,430
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,775.73
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$686.50
Prepaid interest, first (1 days)$101.14
Prepaid interest, second (1 days)$44.38

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 closing23 yr 5 moOf the original 25-year loan at 6.650%
Interest already paid$59,289Through Nov 2026
Assumption only · ends Apr 2050$541,394
Assumption + second · ends Apr 2050, second Dec 2056$871,423
New conventional · ends Dec 2056$1,158,726