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

$1,730/mo
Lowest payment
Down payment
$227,964
Funds due
$240,564
Interest + MI left
$104,289
First ends
Oct 2050
Assumption

Assumption + second

$3,036/mo
+$1,306/mo
Down payment
$49,964
Funds due
$63,853
Interest + MI left
$396,486
First ends
Oct 2050
New loan

New conventional

$3,621/mo
+$1,891/mo
Down payment
$49,964
Funds due
$59,986
Interest + MI left
$680,993
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$271,036$271,036$449,036
Second mortgage—$178,000—
First P&I$1,307.75$1,307.75$3,109.03
Second P&I—$1,306.10—
Mortgage insurance——$89.81
Taxes, insurance & HOA$421.75$421.75$421.75
Total housing payment$1,729.50$3,035.60$3,620.59

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$49,964
Closing costs & prepaids$13,889
Usable credit−$0
Total buyer cash needed$63,853
Earnest money paid−$0
Remaining funds due$63,853
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,355.18
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)$477.25
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$21.39
Prepaid interest, second (1 days)$39.01

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 closing23 yr 11 moOf the original 30-year loan at 2.880%
Interest already paid$51,502Through Nov 2026
Assumption only · ends Oct 2050$104,289
Assumption + second · ends Oct 2050, second Dec 2056$396,486
New conventional · ends Dec 2056$680,993