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

$1,758/mo
Lowest payment
Down payment
$180,663
Funds due
$192,479
Interest + MI left
$119,503
First ends
Aug 2050
Assumption

Assumption + second

$2,749/mo
+$991/mo
Down payment
$45,663
Funds due
$58,759
Interest + MI left
$341,113
First ends
Aug 2050
New loan

New conventional

$3,271/mo
+$1,512/mo
Down payment
$45,663
Funds due
$54,945
Interest + MI left
$611,607
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$268,337$268,337$403,337
Second mortgage—$135,000—
First P&I$1,360.84$1,360.84$2,792.62
Second P&I—$990.58—
Mortgage insurance——$80.67
Taxes, insurance & HOA$397.25$397.25$397.25
Total housing payment$1,758.09$2,748.67$3,270.54

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$45,663
Closing costs & prepaids$13,095
Usable credit−$0
Total buyer cash needed$58,759
Earnest money paid−$0
Remaining funds due$58,759
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,341.68
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$447.75
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$24.33
Prepaid interest, second (1 days)$29.59

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 9 moOf the original 30-year loan at 3.310%
Interest already paid$60,064Through Nov 2026
Assumption only · ends Aug 2050$119,503
Assumption + second · ends Aug 2050, second Dec 2056$341,113
New conventional · ends Dec 2056$611,607