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

$3,469/mo
Lowest payment
Down payment
$52,595
Funds due
$66,977
Interest + MI left
$493,401
First ends
Feb 2054
New loan

New conventional

$3,983/mo
+$513/mo
Down payment
$55,500
Funds due
$66,044
Interest + MI left
$757,525
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$502,405$499,500
Second mortgage——
First P&I$3,045.28$3,458.44
Second P&I——
Mortgage insurance—$99.90
Taxes, insurance & HOA$424.17$424.17
Total housing payment$3,469.44$3,982.50

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$52,595
Closing costs & prepaids$14,382
Usable credit−$0
Total buyer cash needed$66,977
Earnest money paid−$0
Remaining funds due$66,977
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,512.02
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$475.50
Initial HOA (3 months)$297.00
Prepaid interest, first (1 days)$79.15

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 closing27 yr 3 moOf the original 30-year loan at 5.750%
Interest already paid$81,066Through Nov 2026
Assumption only · ends Feb 2054$493,401
New conventional · ends Dec 2056$757,525