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

$2,937/mo
Lowest payment
Down payment
$251,614
Funds due
$265,151
Interest + MI left
$412,858
First ends
Jul 2053
Assumption

Assumption + second

$4,338/mo
+$1,401/mo
Down payment
$60,614
Funds due
$75,442
Interest + MI left
$726,394
First ends
Jul 2053
New loan

New conventional

$4,343/mo
+$1,406/mo
Down payment
$60,614
Funds due
$71,793
Interest + MI left
$817,906
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$348,385$348,385$539,385
Second mortgage—$191,000—
First P&I$2,270.07$2,270.07$3,734.59
Second P&I—$1,401.49—
Mortgage insurance$166.51$166.51$107.88
Taxes, insurance & HOA$500.25$500.25$500.25
Total housing payment$2,936.84$4,338.33$4,342.72

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$60,614
Closing costs & prepaids$14,829
Usable credit−$0
Total buyer cash needed$75,442
Earnest money paid−$0
Remaining funds due$75,442
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$562.25
Initial HOA (3 months)$438.51
Prepaid interest, first (1 days)$60.99
Prepaid interest, second (1 days)$41.86

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 8 moOf the original 30-year loan at 6.390%
Interest already paid$75,890Through Nov 2026
Assumption only · ends Jul 2053$412,858
Assumption + second · ends Jul 2053, second Dec 2056$726,394
New conventional · ends Dec 2056$817,906