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

$3,367/mo
+$418/mo
Down payment
$0
Funds due
$11,186
Interest + MI left
$500,946
First ends
Sep 2053
New loan

New conventional

$2,949/mo
Lowest payment
Down payment
$38,000
Funds due
$47,002
Interest + MI left
$518,666
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$397,521$342,000
Second mortgage——
First P&I$2,665.37$2,367.94
Second P&I——
Mortgage insurance$189.12$68.40
Taxes, insurance & HOA$512.50$512.50
Total housing payment$3,367.00$2,948.84

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$11,186
Usable credit−$0
Total buyer cash needed$11,186
Earnest money paid−$0
Remaining funds due$11,186
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$610.50
Initial HOA (3 months)$477.00
Prepaid interest, first (1 days)$73.08

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 10 moOf the original 30-year loan at 6.710%
Interest already paid$86,171Through Nov 2026
Assumption only · ends Sep 2053$500,946
New conventional · ends Dec 2056$518,666