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

$2,209/mo
Lowest payment
Down payment
$202,457
Funds due
$216,385
Interest + MI left
$138,941
First ends
Dec 2050
Assumption

Assumption + second

$3,266/mo
+$1,057/mo
Down payment
$58,457
Funds due
$73,666
Interest + MI left
$375,324
First ends
Dec 2050
New loan

New conventional

$4,119/mo
+$1,910/mo
Down payment
$58,457
Funds due
$69,220
Interest + MI left
$783,269
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$372,543$372,543$516,543
Second mortgage—$144,000—
First P&I$1,769.84$1,769.84$3,576.44
Second P&I—$1,056.62—
Mortgage insurance——$103.31
Taxes, insurance & HOA$439.42$439.42$439.42
Total housing payment$2,209.26$3,265.88$4,119.16

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$58,457
Closing costs & prepaids$15,209
Usable credit−$0
Total buyer cash needed$73,666
Earnest money paid−$0
Remaining funds due$73,666
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,862.71
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)$443.25
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$28.37
Prepaid interest, second (1 days)$31.56

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 closing24 yr 1 moOf the original 30-year loan at 2.780%
Interest already paid$66,356Through Nov 2026
Assumption only · ends Dec 2050$138,941
Assumption + second · ends Dec 2050, second Dec 2056$375,324
New conventional · ends Dec 2056$783,269