Assuming a Loan versus Getting a New Loan

by Isaac Baxter.
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If you are buying a home that has an assumable mortgage, here are some questions to ask:

Will the lender charge an assumption fee? How much?

What is the outstanding balance of the old loan? Is it large enough? How much cash will I need?

If it is not large enough, will the seller be willing to take back a second mortgage?

What are the rates and costs of a second mortgage? From the seller? From a lender?

Would the combined monthly payments and interest of the old mortgage plus a new second mortgage be more or less than those of a new first mortgage?

There is no simple formula or rule of thumb to help decide whether or not to assume an old loan.

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