The existing loan on this home is an FHA loan, assumable at 3.125%. With market rates sitting around 6% to 7%, a payment built on 3.125% is worth a close look.

The balance being assumed is about $195,000 against a list price of $224,900, so the gap is close to $30,000. Add the assumption fees and the usual closing costs and the estimate lands a little above that, at roughly $31,000 to $34,000.

How a loan assumption works

• The buyer takes over the seller’s existing loan and keeps its interest rate and whatever is left of its term.
• The buyer pays the difference between the purchase price and the remaining loan balance. That is usually cash, and it can sometimes be covered with a second loan.
• The loan servicer has to approve the buyer on credit and income, much like applying for a new loan.
• It usually takes longer than a regular purchase, often somewhere around 45 to 90 days, because the servicer sets the pace.
• There is typically an assumption fee, and normal closing costs still apply.
• Ask me and we can look at whether it fits your situation.

Rate confirmed by the seller 28 September 2026. Balance based on a Rocket Mortgage payoff request dated 30 August 2026 of $194,739.09; the principal balance is lower than that payoff figure and continues to drop, so the gap shown above is a conservative estimate. Buyer must qualify with the servicer and the assumption is subject to lender approval. All figures are estimates for discussion, not a loan offer, a quote, or a commitment to lend. I am a REALTOR®, not a lender. Your lender has the final say on any financing question.