CR

Cody Ramirez

(602) 539-2857

Compare the three ways to buy

The payment, the cash to close, and what is left to pay

Cash to Close
Assumption

Assumption only

$6,717/mo
Lowest payment
Down payment
$216,010
Funds due
$241,204
Interest + MI left
$1,112,691
First ends
May 2056
Assumption

Assumption + second

$7,490/mo
+$772/mo
Down payment
$120,010
Funds due
$146,501
Interest + MI left
$1,294,769
First ends
May 2056
New loan

New conventional

$8,488/mo
+$1,771/mo
Down payment
$120,010
Funds due
$138,406
Interest + MI left
$1,637,877
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$983,990$983,990$1,079,990
Second mortgage—$96,000—
First P&I$5,922.83$5,922.83$7,477.63
Second P&I—$772.44—
Mortgage insurance——$216.00
Taxes, insurance & HOA$794.25$794.25$794.25
Total housing payment$6,717.08$7,489.51$8,487.88

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$120,010
Closing costs & prepaids$26,490
Usable credit−$0
Total buyer cash needed$146,501
Earnest money paid−$0
Remaining funds due$146,501
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,919.95
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)$982.75
Initial HOA (3 months)$750.00
Prepaid interest, first (2 days)$322.43
Prepaid interest, second (2 days)$47.34

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing29 yr 6 moOf the original 30-year loan at 5.980%
Interest already paid$29,527Through Nov 2026
Assumption only · ends May 2056$1,112,691
Assumption + second · ends May 2056, second Dec 2056$1,294,769
New conventional · ends Dec 2056$1,637,877