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

$1,397/mo
Lowest payment
Down payment
$249,111
Funds due
$260,674
Interest + MI left
$68,601
First ends
Dec 2050
Assumption

Assumption + second

$2,873/mo
+$1,476/mo
Down payment
$43,111
Funds due
$55,968
Interest + MI left
$393,892
First ends
Dec 2050
New loan

New conventional

$3,270/mo
+$1,873/mo
Down payment
$43,111
Funds due
$52,635
Interest + MI left
$578,629
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$175,589$175,589$381,589
Second mortgage—$206,000—
First P&I$844.95$844.95$2,642.05
Second P&I—$1,475.81—
Mortgage insurance——$76.32
Taxes, insurance & HOA$551.92$551.92$551.92
Total housing payment$1,396.86$2,872.67$3,270.28

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$43,111
Closing costs & prepaids$12,856
Usable credit−$0
Total buyer cash needed$55,968
Earnest money paid−$0
Remaining funds due$55,968
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,247.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$877.94
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)$695.75
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$13.95
Prepaid interest, second (1 days)$43.74

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 1 moOf the original 30-year loan at 2.900%
Interest already paid$32,580Through Nov 2026
Assumption only · ends Dec 2050$68,601
Assumption + second · ends Dec 2050, second Dec 2056$393,892
New conventional · ends Dec 2056$578,629