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

$1,579/mo
Lowest payment
Down payment
$97,085
Funds due
$107,752
Interest + MI left
$102,704
First ends
Mar 2052
Assumption

Assumption + second

$2,094/mo
+$515/mo
Down payment
$33,085
Funds due
$45,018
Interest + MI left
$224,089
First ends
Mar 2052
New loan

New conventional

$2,583/mo
+$1,003/mo
Down payment
$33,085
Funds due
$41,514
Interest + MI left
$447,258
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$230,915$230,915$294,915
Second mortgage—$64,000—
First P&I$1,097.43$1,097.43$2,041.93
Second P&I—$514.96—
Mortgage insurance——$58.98
Taxes, insurance & HOA$481.67$481.67$481.67
Total housing payment$1,579.10$2,094.06$2,582.58

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$33,085
Closing costs & prepaids$11,933
Usable credit−$0
Total buyer cash needed$45,018
Earnest money paid−$0
Remaining funds due$45,018
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,280.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,154.58
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)$596.00
Initial HOA (3 months)$399.00
Prepaid interest, first (1 days)$19.61
Prepaid interest, second (1 days)$15.78

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 closing25 yr 4 moOf the original 30-year loan at 3.100%
Interest already paid$35,372Through Nov 2026
Assumption only · ends Mar 2052$102,704
Assumption + second · ends Mar 2052, second Dec 2056$224,089
New conventional · ends Dec 2056$447,258