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

$2,126/mo
Lowest payment
Down payment
$38,420
Funds due
$48,152
Interest + MI left
$349,574
First ends
Jun 2055
New loan

New conventional

$2,227/mo
+$101/mo
Down payment
$29,999
Funds due
$37,639
Interest + MI left
$409,460
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyNew conventional
First mortgage$261,570$269,991
Second mortgage——
First P&I$1,700.69$1,869.36
Second P&I——
Mortgage insurance$121.80$54.00
Taxes, insurance & HOA$303.33$303.33
Total housing payment$2,125.82$2,226.69

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$38,420
Closing costs & prepaids$9,732
Usable credit−$0
Total buyer cash needed$48,152
Earnest money paid−$0
Remaining funds due$48,152
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.90
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$13.00
Initial HOA (3 months)$447.00
Prepaid interest, first (1 days)$47.44

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 closing28 yr 7 moOf the original 30-year loan at 6.620%
Interest already paid$24,741Through Nov 2026
Assumption only · ends Jun 2055$349,574
New conventional · ends Dec 2056$409,460