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

$4,555/mo
Lowest payment
Down payment
$583,551
Funds due
$605,522
Interest + MI left
$655,185
First ends
Jan 2053
Assumption

Assumption + second

$7,915/mo
+$3,360/mo
Down payment
$114,551
Funds due
$137,872
Interest + MI left
$1,395,775
First ends
Jan 2053
New loan

New conventional

$8,021/mo
+$3,466/mo
Down payment
$114,551
Funds due
$131,880
Interest + MI left
$1,562,745
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$561,449$561,449$1,030,449
Second mortgage—$469,000—
First P&I$3,874.63$3,874.63$7,134.62
Second P&I—$3,359.97—
Mortgage insurance——$206.09
Taxes, insurance & HOA$680.08$680.08$680.08
Total housing payment$4,554.71$7,914.69$8,020.79

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$114,551
Closing costs & prepaids$23,322
Usable credit−$0
Total buyer cash needed$137,872
Earnest money paid−$0
Remaining funds due$137,872
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,807.25
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)$994.25
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$106.44
Prepaid interest, second (1 days)$99.58

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 2 moOf the original 30-year loan at 6.920%
Interest already paid$152,562Through Nov 2026
Assumption only · ends Jan 2053$655,185
Assumption + second · ends Jan 2053, second Dec 2056$1,395,775
New conventional · ends Dec 2056$1,562,745