A rare 2.99% assumable mortgage opportunity
Approximately $294,000 of the purchase price may be financed at only 2.99%
That rate is approximately 4 percentage points below the 6.99% conventional rate used in the lender’s comparison
The assumable loan balance is approximately $294,000, leaving roughly $285,900 between the $579,900 purchase price and the assumed mortgage balance.
Finance the remaining purchase amount separately, subject to lender approval
Approximately 21 years remain on the assumable loan—allowing the buyer to pay it off sooner than a new 30-year mortgage
The monthly payment on the assumable loan includes escrow for property taxes and homeowners insurance
Potential for substantial interest and monthly-payment savings compared with financing the entire purchase at today’s rates
A particularly attractive opportunity for buyers who have cash available or equity from the sale of another home
Assumption is subject to the existing lender’s qualification and approval requirements
