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

$3,571/mo
+$302/mo
Down payment
$0
Funds due
$12,946
Interest + MI left
$612,113
First ends
May 2054
New loan

New conventional

$3,270/mo
Lowest payment
Down payment
$47,500
Funds due
$56,709
Interest + MI left
$648,333
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$492,459$427,500
Second mortgage——
First P&I$3,347.19$2,959.92
Second P&I——
Mortgage insurance—$85.50
Taxes, insurance & HOA$224.08$224.08
Total housing payment$3,571.27$3,269.51

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$0
Closing costs & prepaids$12,946
Usable credit−$0
Total buyer cash needed$12,946
Earnest money paid−$0
Remaining funds due$12,946
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,462.30
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$172.25
Prepaid interest, first (1 days)$93.63

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 closing27 yr 6 moOf the original 30-year loan at 6.940%
Interest already paid$86,705Through Nov 2026
Assumption only · ends May 2054$612,113
New conventional · ends Dec 2056$648,333