Yes — and in Bonita Springs alone, 51 homes currently carry assumable FHA or VA loans with rates between 2.75% and 4.5%, while new market rates sit at 6.25%–7%. Assuming an existing mortgage means taking over the seller's original loan — the same rate, the same remaining balance, the same terms. For buyers who qualify, the monthly savings run $740 to $1,500 compared to financing at today's rates. The catch: only FHA, VA, and USDA loans are assumable. Conventional loans are not.
Most buyers right now are staring at mortgage quotes in the 6.5%–7% range. Assumable mortgages don't get nearly enough attention as an alternative — if a seller bought in 2020, 2021, or 2022 with a government-backed loan, their rate might still be sitting at 3% or lower, and you can step into it.
What's the actual dollar difference?
Say a Bonita Springs seller bought in 2021 with a VA loan at 3.25%, remaining balance $280,000. Assuming that loan means a principal-and-interest payment of roughly $1,218/month. Financing the same $280,000 at 6.75% instead runs about $1,815/month — nearly $600/month difference, over $35,000 across five years. On a larger $400,000 balance, 3% versus 6.75% generates a gap of more than $1,100/month.
AssumeKey.com, a marketplace tracking assumable listings, showed 51 homes in Bonita Springs with assumable loans as low as 3% as of this writing — real, searchable inventory, though not every one will be the right fit.
Which loans are assumable in Florida?
Only government-backed mortgages: FHA loans (assumable with lender approval, any qualified buyer), VA loans (assumable with lender approval, including by non-veterans, with an important caveat below), and USDA loans (assumable with USDA and lender approval, less common in Bonita Springs/Estero). Conventional loans from Fannie Mae and Freddie Mac are not assumable — if the seller's loan is conventional, this strategy doesn't apply regardless of their rate. The loan type isn't always advertised; your agent needs to ask specifically.
How the assumption process works
- Find the right property — work with an agent who knows how to search assumable listings and present assumption offers
- Get the loan details confirmed in writing — lender name, loan type, current balance, rate, remaining term
- Apply with the seller's lender — full credit, income, and asset underwriting, the same as a new mortgage
- Build in adequate time — 45 to 90 days, sometimes longer. Servicers have 45 days by law to evaluate but don't always move efficiently, and have a financial incentive to drag their feet since they profit more from originating a new loan at today's rate
- Solve the equity gap (see below)
- Close — typically lower closing costs than standard purchase (no origination fee, no discount points, no appraisal required), plus an assumption fee of $500–$1,500 charged by the servicer
The equity gap: the challenge most buyers don't see coming
The assumed loan balance is almost never equal to the purchase price. If the home is worth $575,000 and the assumed balance is $310,000, you need to cover the remaining $265,000 in cash or secondary financing — and second mortgages on assumed loans are genuinely hard to find. Most conventional lenders won't touch them; some credit unions and community banks will, but options are limited and terms vary. For buyers with substantial cash reserves or equity rolling from a current sale, the gap is manageable. For buyers counting on financing the entire difference, the math gets harder fast.
For the right buyer with the right financial picture, an assumable mortgage is one of the strongest rate advantages available in today's market — but it isn't for everyone.
The VA entitlement trap — what sellers need to know
When a non-veteran assumes a VA loan, the seller's VA entitlement stays tied to that property until the loan is fully paid off — if the seller wants to use VA benefits on another home before then, their available entitlement may be reduced or unavailable. If the assuming buyer is also a veteran, they can substitute their own entitlement, freeing the seller's benefits immediately, though this requires coordination and documentation. There's also a liability issue: without a formal release of liability — processed through the servicer and approved by the VA, and not automatic at closing — the original borrower can remain financially exposed if the assuming buyer later defaults. Any seller accepting an assumption offer should treat the release of liability as non-negotiable.
What to look for in an agent
You want someone who can identify assumable listings intentionally (not by accident), write an assumption contingency with appropriate time for lender approval, coordinate with a lender experienced in gap financing when needed, and help sellers navigate VA entitlement and liability issues. This isn't the most common transaction structure — ask directly whether an agent has done one before and what they learned.