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

$2,280/mo
Lowest payment
Down payment
$131,867
Funds due
$145,288
Interest + MI left
$152,616
First ends
Feb 2052
Assumption

Assumption + second

$2,948/mo
+$668/mo
Down payment
$48,867
Funds due
$63,558
Interest + MI left
$310,037
First ends
Feb 2052
New loan

New conventional

$3,699/mo
+$1,419/mo
Down payment
$48,867
Funds due
$59,323
Interest + MI left
$653,756
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$348,133$348,133$431,133
Second mortgage—$83,000—
First P&I$1,652.64$1,652.64$2,985.08
Second P&I—$667.84—
Mortgage insurance——$86.23
Taxes, insurance & HOA$627.42$627.42$627.42
Total housing payment$2,280.05$2,947.89$3,698.72

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$48,867
Closing costs & prepaids$14,691
Usable credit−$0
Total buyer cash needed$63,558
Earnest money paid−$0
Remaining funds due$63,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,740.66
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)$872.25
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$29.28
Prepaid interest, second (1 days)$20.47

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 closing25 yr 3 moOf the original 30-year loan at 3.070%
Interest already paid$53,833Through Nov 2026
Assumption only · ends Feb 2052$152,616
Assumption + second · ends Feb 2052, second Dec 2056$310,037
New conventional · ends Dec 2056$653,756