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

$716/mo
Lowest payment
Down payment
$140,820
Funds due
$149,189
Interest + MI left
$30,700
First ends
Oct 2050
Assumption

Assumption + second

$1,582/mo
+$866/mo
Down payment
$22,820
Funds due
$32,465
Interest + MI left
$224,403
First ends
Oct 2050
New loan

New conventional

$1,738/mo
+$1,022/mo
Down payment
$22,820
Funds due
$29,806
Interest + MI left
$298,958
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$79,180$79,180$197,180
Second mortgage—$118,000—
First P&I$382.86$382.86$1,365.23
Second P&I—$865.84—
Mortgage insurance——$39.44
Taxes, insurance & HOA$333.08$333.08$333.08
Total housing payment$715.94$1,581.78$1,737.75

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$22,820
Closing costs & prepaids$9,645
Usable credit−$0
Total buyer cash needed$32,465
Earnest money paid−$0
Remaining funds due$32,465
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$395.90
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)$99.25
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$6.29
Prepaid interest, second (1 days)$25.86

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 11 moOf the original 30-year loan at 2.900%
Interest already paid$15,147Through Nov 2026
Assumption only · ends Oct 2050$30,700
Assumption + second · ends Oct 2050, second Dec 2056$224,403
New conventional · ends Dec 2056$298,958