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

$2,436/mo
Lowest payment
Down payment
$52,182
Funds due
$63,067
Interest + MI left
$386,326
First ends
Oct 2053
Assumption

Assumption + second

$2,772/mo
+$336/mo
Down payment
$19,182
Funds due
$31,328
Interest + MI left
$474,384
First ends
Oct 2053
New loan

New conventional

$2,755/mo
+$319/mo
Down payment
$19,182
Funds due
$27,504
Interest + MI left
$533,863
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$317,818$317,818$350,818
Second mortgage—$33,000—
First P&I$2,180.01$2,180.01$2,428.99
Second P&I—$336.27—
Mortgage insurance——$70.16
Taxes, insurance & HOA$255.83$255.83$255.83
Total housing payment$2,435.85$2,772.12$2,754.99

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$19,182
Closing costs & prepaids$12,146
Usable credit−$0
Total buyer cash needed$31,328
Earnest money paid−$0
Remaining funds due$31,328
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,589.09
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)$317.50
Prepaid interest, first (1 days)$60.60
Prepaid interest, second (1 days)$10.74

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 11 moOf the original 30-year loan at 6.960%
Interest already paid$69,479Through Nov 2026
Assumption only · ends Oct 2053$386,326
Assumption + second · ends Oct 2053, second Dec 2056$474,384
New conventional · ends Dec 2056$533,863