Assumable Mortgage Checker
Could You Take Over the Seller’s Low-Rate Mortgage?
Millions of homes carry mortgages from the 2–3% era. Some government-backed loans let a buyer assume the seller’s loan — keeping its rate — instead of getting a new one at today’s rates. This checker tells you whether the loan qualifies, what you’d save, and the catch nobody mentions.
Heads up: every input below describes the seller’s existing loan, not a loan you’d take out. Listing agents often advertise “assumable loan” in the listing description.
✓ Likely assumable (FHA)
FHA loans are assumable with lender approval. You’ll need to qualify (credit, income, DTI) just like a normal mortgage, and pay an assumption fee (typically $500–$1,500).
Assume @ 3.10%
$1,448/mo
P&I on $310,000 · 26 yrs left
New loan @ 6.40%
$2,252/mo
P&I on $360,000 · 30 yrs, cash as down payment
Assuming saves $803/mo — about $96,406 over 10 years
The catch: the equity gap
Assuming the loan only covers the seller’s balance. The difference between the $420,000 price and the $310,000 balance — $110,000 — is the seller’s equity, and you must cover it in cash or with expensive second-lien financing.
Your $60,000 covers 55% of the gap — you’re $50,000 short. Options: negotiate the price down, a second mortgage (at market rates, eating into the savings), or seller financing for the gap.
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The bigger question
A 3.10% rate changes the entire rent-vs-buy equation. Run the full month-by-month analysis with the assumed rate and see what it does to your 10-year net worth.
Compare vs renting at this rate