The Hidden Goldmine: How Assumable Mortgages Can Save San Diego Buyers Tens of Thousands
- North County Real Estate with Natalya
- Sep 17
- 3 min read
If you’ve been house hunting in San Diego lately, you know the story: prices are high, interest rates are stubborn, and monthly payments feel out of reach. But what if I told you there’s a little-known loophole in today’s market that can literally save you hundreds—or even thousands—every single month?
It’s called an assumable mortgage. And right now, it’s the hidden goldmine smart buyers are starting to uncover.
What’s an Assumable Mortgage?
Instead of getting a brand-new loan at today’s higher rates, an assumable mortgage lets you take over the seller’s existing loan—rate, balance, and all. That means if the seller locked in a 2.5%–3% loan back in 2021, you can step right into that deal instead of starting fresh at today’s 7%+.
The VA Loan Twist Nobody Talks About
Here’s the real headline: VA loans are assumable not just by veterans, but also by non-veterans who qualify.
Did you know? Non-veterans can assume VA loans in San Diego. That means buyers with no military background can take over a VA loan at a rock-bottom 2%–3% rate—something most people don’t realize is even possible.
Think about it: with so many military families in San Diego, VA loans are everywhere. Many of those loans were written in the 2%–3% range. For buyers who don’t qualify for a VA loan otherwise, this is a once-in-a-lifetime opportunity to “step into” one of the best financing deals on the market.
Real Numbers, Real Savings
Let’s make this simple:
Typical new loan today: $700,000 at 7% = about $4,657/month (principal & interest).
Assume a VA loan at 2.75% with $500,000 balance (28 years left): $2,135/month.
Cover the $200,000 equity gap with a second loan at 8.5% (15 years) = $1,970/month.
Blended total: ≈ $4,105/month.
That’s $550/month less than a new loan—or about $6,600 in savings every year. Over the life of your loan, we’re talking tens of thousands of dollars back in your pocket.
And if you’ve got more cash to put down (reducing the second loan), your savings can be even bigger.
FHA & USDA Loans Are Also Assumable
FHA loans (common for first-time buyers) are assumable too. These are often at 3%–4%, which still beats today’s market.
USDA loans (for eligible rural areas) can also be assumed, with some conditions.
Together, these make assumables one of the most powerful but overlooked tools in real estate right now.
Why Haven’t You Heard of This Before?
Most buyers (and even some agents!) aren’t talking about assumables yet because:
They take a little longer (the servicer has to approve the assumption, often 45–90 days).
You need a strategy for the equity gap—either cash or a second loan.
But for buyers who plan smart, the payoff is massive. This is how you win in a high-rate market while others sit on the sidelines.
The Bottom Line
If you’re tired of feeling priced out, assumable mortgages might be your ticket in. Whether it’s an FHA loan with a low fixed rate, or the holy-grail VA loan that even non-veterans can step into, this is one of the best kept secrets in real estate today.
Ready to Find Your Assumable Deal in San Diego?
Don’t sit on the sidelines while others lock in yesterday’s rates today. Whether it’s an FHA, USDA, or even a VA loan that a non-veteran can assume, these hidden opportunities can save you tens of thousands of dollars over the life of your mortgage.
👉 I specialize in uncovering assumable mortgages right here in San Diego. Let’s see what’s available for you.
Visit me at nkrealtysandiego.com or contact me directly to start your search.
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