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

$3,771/mo
Lowest payment
Down payment
$25,065
Funds due
$41,471
Interest + MI left
$461,664
First ends
Oct 2054
New loan

New conventional

$4,783/mo
+$1,012/mo
Down payment
$67,580
Funds due
$79,312
Interest + MI left
$922,407
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$650,735$608,220
Second mortgage——
First P&I$3,320.59$4,211.19
Second P&I——
Mortgage insurance—$121.64
Taxes, insurance & HOA$450.33$450.33
Total housing payment$3,770.93$4,783.17

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$25,065
Closing costs & prepaids$16,406
Usable credit−$0
Total buyer cash needed$41,471
Earnest money paid−$0
Remaining funds due$41,471
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,758.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,253.68
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$581.00
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$75.77

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 closing27 yr 11 moOf the original 30-year loan at 4.250%
Interest already paid$58,750Through Nov 2026
Assumption only · ends Oct 2054$461,664
New conventional · ends Dec 2056$922,407