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

$1,468/mo
Lowest payment
Down payment
$199,399
Funds due
$210,668
Interest + MI left
$88,801
First ends
Nov 2050
Assumption

Assumption + second

$2,620/mo
+$1,152/mo
Down payment
$42,399
Funds due
$54,952
Interest + MI left
$346,525
First ends
Nov 2050
New loan

New conventional

$3,083/mo
+$1,616/mo
Down payment
$42,399
Funds due
$51,407
Interest + MI left
$572,657
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$220,601$220,601$377,601
Second mortgage—$157,000—
First P&I$1,074.31$1,074.31$2,614.43
Second P&I—$1,152.01—
Mortgage insurance——$75.52
Taxes, insurance & HOA$393.33$393.33$393.33
Total housing payment$1,467.65$2,619.66$3,083.29

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$42,399
Closing costs & prepaids$12,553
Usable credit−$0
Total buyer cash needed$54,952
Earnest money paid−$0
Remaining funds due$54,952
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,103.01
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$490.00
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$18.07
Prepaid interest, second (1 days)$34.41

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 yrOf the original 30-year loan at 2.990%
Interest already paid$42,810Through Nov 2026
Assumption only · ends Nov 2050$88,801
Assumption + second · ends Nov 2050, second Dec 2056$346,525
New conventional · ends Dec 2056$572,657