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

$1,505/mo
Lowest payment
Down payment
$176,820
Funds due
$187,699
Interest + MI left
$84,084
First ends
Feb 2050
Assumption

Assumption + second

$2,547/mo
+$1,042/mo
Down payment
$34,820
Funds due
$46,980
Interest + MI left
$317,184
First ends
Feb 2050
New loan

New conventional

$2,811/mo
+$1,305/mo
Down payment
$34,820
Funds due
$43,763
Interest + MI left
$470,409
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$168,180$168,180$310,180
Second mortgage—$142,000—
First P&I$904.17$904.17$2,147.62
Second P&I—$1,041.95—
Mortgage insurance——$62.04
Taxes, insurance & HOA$601.00$601.00$601.00
Total housing payment$1,505.17$2,547.12$2,810.66

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$34,820
Closing costs & prepaids$12,160
Usable credit−$0
Total buyer cash needed$46,980
Earnest money paid−$0
Remaining funds due$46,980
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$840.90
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)$441.00
Initial HOA (3 months)$912.00
Prepaid interest, first (1 days)$17.28
Prepaid interest, second (1 days)$31.12

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 3 moOf the original 30-year loan at 3.750%
Interest already paid$46,181Through Nov 2026
Assumption only · ends Feb 2050$84,084
Assumption + second · ends Feb 2050, second Dec 2056$317,184
New conventional · ends Dec 2056$470,409