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

$3,797/mo
+$178/mo
Down payment
$13,367
Funds due
$25,719
Interest + MI left
$567,693
First ends
Aug 2053
New loan

New conventional

$3,618/mo
Lowest payment
Down payment
$49,400
Funds due
$59,465
Interest + MI left
$674,266
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$480,633$444,600
Second mortgage——
First P&I$3,115.92$3,078.32
Second P&I——
Mortgage insurance$229.52$88.92
Taxes, insurance & HOA$451.25$451.25
Total housing payment$3,796.68$3,618.49

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$13,367
Closing costs & prepaids$12,352
Usable credit−$0
Total buyer cash needed$25,719
Earnest money paid−$0
Remaining funds due$25,719
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,940.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$519.75
Initial HOA (3 months)$333.99
Prepaid interest, first (1 days)$83.62

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 9 moOf the original 30-year loan at 6.350%
Interest already paid$101,392Through Nov 2026
Assumption only · ends Aug 2053$567,693
New conventional · ends Dec 2056$674,266