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

$1,871/mo
Lowest payment
Down payment
$328,184
Funds due
$340,706
Interest + MI left
$304,094
First ends
Jan 2056
Assumption

Assumption + second

$3,819/mo
+$1,949/mo
Down payment
$56,184
Funds due
$70,013
Interest + MI left
$733,605
First ends
Jan 2056
New loan

New conventional

$3,872/mo
+$2,001/mo
Down payment
$56,184
Funds due
$66,405
Interest + MI left
$756,388
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$226,816$226,816$498,816
Second mortgage—$272,000—
First P&I$1,447.04$1,447.04$3,453.70
Second P&I—$1,948.64—
Mortgage insurance$104.93$104.93$99.76
Taxes, insurance & HOA$318.83$318.83$318.83
Total housing payment$1,870.80$3,819.44$3,872.30

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$56,184
Closing costs & prepaids$13,830
Usable credit−$0
Total buyer cash needed$70,013
Earnest money paid−$0
Remaining funds due$70,013
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,550.00
Title & settlement$1,825.00
Recording fee$100.00
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)$456.50
Prepaid interest, first (1 days)$40.39
Prepaid interest, second (1 days)$57.75

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 closing29 yr 2 moOf the original 30-year loan at 6.500%
Interest already paid$12,350Through Nov 2026
Assumption only · ends Jan 2056$304,094
Assumption + second · ends Jan 2056, second Dec 2056$733,605
New conventional · ends Dec 2056$756,388