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

$2,876/mo
Lowest payment
Down payment
$527,908
Funds due
$547,148
Interest + MI left
$158,710
First ends
Jun 2050
Assumption

Assumption + second

$6,042/mo
+$3,167/mo
Down payment
$85,908
Funds due
$106,492
Interest + MI left
$856,665
First ends
Jun 2050
New loan

New conventional

$6,620/mo
+$3,744/mo
Down payment
$85,908
Funds due
$102,009
Interest + MI left
$1,158,568
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$322,042$322,042$764,042
Second mortgage—$442,000—
First P&I$1,698.77$1,698.77$5,290.07
Second P&I—$3,166.54—
Mortgage insurance——$152.81
Taxes, insurance & HOA$1,176.75$1,176.75$1,176.75
Total housing payment$2,875.52$6,042.07$6,619.63

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$85,908
Closing costs & prepaids$20,584
Usable credit−$0
Total buyer cash needed$106,492
Earnest money paid−$0
Remaining funds due$106,492
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,610.21
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)$1,306.25
Initial HOA (3 months)$1,574.01
Prepaid interest, first (1 days)$32.20
Prepaid interest, second (1 days)$93.85

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 closing23 yr 7 moOf the original 30-year loan at 3.650%
Interest already paid$81,499Through Nov 2026
Assumption only · ends Jun 2050$158,710
Assumption + second · ends Jun 2050, second Dec 2056$856,665
New conventional · ends Dec 2056$1,158,568