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

$2,502/mo
Lowest payment
Down payment
$539,021
Funds due
$557,659
Interest + MI left
$171,457
First ends
Jul 2051
Assumption

Assumption + second

$5,697/mo
+$3,195/mo
Down payment
$93,021
Funds due
$113,004
Interest + MI left
$875,729
First ends
Jul 2051
New loan

New conventional

$6,546/mo
+$4,044/mo
Down payment
$93,021
Funds due
$108,141
Interest + MI left
$1,261,752
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$385,979$385,979$831,979
Second mortgage—$446,000—
First P&I$1,883.23$1,883.23$5,760.45
Second P&I—$3,195.20—
Mortgage insurance——$166.40
Taxes, insurance & HOA$618.83$618.83$618.83
Total housing payment$2,502.06$5,697.26$6,545.68

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$93,021
Closing costs & prepaids$19,983
Usable credit−$0
Total buyer cash needed$113,004
Earnest money paid−$0
Remaining funds due$113,004
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,929.90
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$762.50
Initial HOA (3 months)$444.00
Prepaid interest, first (1 days)$33.63
Prepaid interest, second (1 days)$94.70

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 closing24 yr 8 moOf the original 30-year loan at 3.180%
Interest already paid$69,940Through Nov 2026
Assumption only · ends Jul 2051$171,457
Assumption + second · ends Jul 2051, second Dec 2056$875,729
New conventional · ends Dec 2056$1,261,752