Can an assumable mortgage lower your monthly payments?
Same house. Same purchase price. Two very different monthly payments. 馃憖馃彙 What if you could take over a seller鈥檚 existing mortgage with a 3% interest rate? This home offers a unique financing opportunity through an assumable loan, meaning a qualified buyer may be able to take over the seller鈥檚 existing mortgage and its interest rate. But here鈥檚 the part people often overlook: The existing loan doesn鈥檛 cover the entire purchase price. That鈥檚 where a second loan comes in to finance the remaining balance. 馃挵 Let鈥檚 compare the estimated monthly payments: 馃彙 Assumable mortgage + second loan: $4,882/month 馃彙 Traditional financing: $5,542/month That鈥檚 a potential savings of $660 per month, or $7,920 per year! The catch? Assumption approval, second-loan financing, and qualification requirements all matter. These numbers are estimates, not guaranteed payments. Would you explore a different financing strategy if it could save you hundreds every month? Contact me to learn more about this opportunity.