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

$3,885/mo
Lowest payment
Down payment
$57,583
Funds due
$72,692
Interest + MI left
$525,484
First ends
Feb 2053
Assumption

Assumption + second

$4,170/mo
+$285/mo
Down payment
$29,583
Funds due
$45,951
Interest + MI left
$600,199
First ends
Feb 2053
New loan

New conventional

$4,455/mo
+$571/mo
Down payment
$29,583
Funds due
$41,044
Interest + MI left
$828,476
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$516,417$516,417$544,417
Second mortgage—$28,000—
First P&I$3,307.62$3,307.62$3,769.43
Second P&I—$285.32—
Mortgage insurance——$108.88
Taxes, insurance & HOA$577.08$577.08$577.08
Total housing payment$3,884.70$4,170.03$4,455.40

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$29,583
Closing costs & prepaids$16,367
Usable credit−$0
Total buyer cash needed$45,951
Earnest money paid−$0
Remaining funds due$45,951
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,740.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,582.08
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)$706.25
Initial HOA (3 months)$525.00
Prepaid interest, first (1 days)$87.01
Prepaid interest, second (1 days)$9.11

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 closing26 yr 3 moOf the original 30-year loan at 6.150%
Interest already paid$122,340Through Nov 2026
Assumption only · ends Feb 2053$525,484
Assumption + second · ends Feb 2053, second Dec 2056$600,199
New conventional · ends Dec 2056$828,476