Georgia › Ben Hill County › 109 Hemlock St
109 Hemlock St, Fitzgerald, GA 31750
For sale at $114,900 with an assumable FHA loan recorded in January 2021. Rate 2.75%, from the loan's public records, against today's average of 7.36%.
- 2.75%rate from loan records
- $114,900list price
- FHAloan type
- Jan 2021loan recorded
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The home
- Bedrooms
- 2
- Bathrooms
- 2
- Square feet
- 960
- Type
- House
- Year built
- 1975
- County
- Ben Hill County
- On the market
- 110 days as of October 18, 2026
- Price as of
- October 12, 2026
What the low rate is worth
Every $100,000 of this loan costs about $471 a month at 2.75% over the 24 years left, against $690 for a new 30-year loan at 7.36%. That's about $218 a month less for each $100,000 you take over.
- Cash to assume
- $21,334
- Payment if assumed
- $441/mo
- Saves vs 7.36% today
- $204/mo
Most buyers don't pay all of that in cash. With 15% down ($17,235) and a 2nd loan for the other $4,099 at 8.5% over 20 years, it's about $476 a month: $197 less than a new loan with the same $17,235 down. Principal and interest only.
| Principal and interest | $441 |
|---|---|
| 2nd loan | $36 |
| FHA mortgage insurance (0.85% of the balance a year) | $66 |
| Property taxes (ZIP 31750 rate, 1.04% of the price a year) | $100 |
| Homeowners insurance (Georgia average for the price) | $110 |
Estimates. Taxes reset to the sale price after a sale in Georgia, and a city adds its own; get an insurance quote and the tax bill from the county before you count on these.
How this loan pays down
With about 24 years left at 2.75%, about half of each payment already goes to paying off the loan. On a new 30-year loan at 7.36%, it's about 1 dollar in 9.
- about 16%paid off in 5 years (a new loan: 6%)
- about 33%paid off in 10 years (a new loan: 13%)
- 2051paid off, about 24 years from now
For this home that's about $14,600 paid off in the first 5 years, against about $5,200 on a new loan, and about $35k of interest left to pay instead of about $139k.
This loan, 2.75% New 30-year loan at 7.36%
See the numbers
| After | This loan still owes | New loan still owes |
|---|---|---|
| 5 years (2031) | 84% | 94% |
| 10 years (2036) | 67% | 87% |
| 15 years (2041) | 46% | 75% |
| 20 years (2046) | 23% | 58% |
| 25 years (2051) | 0% | 35% |
Year by year
| Year | Paid to the loan | Paid in interest | Balance after |
|---|---|---|---|
| 2026 | $2,800 | $2,500 | $90,800 |
| 2027 | $2,800 | $2,500 | $88,000 |
| 2028 | $2,900 | $2,400 | $85,100 |
| 2029 | $3,000 | $2,300 | $82,100 |
| 2030 | $3,100 | $2,200 | $79,000 |
| 2031 | $3,200 | $2,100 | $75,900 |
| 2032 | $3,200 | $2,000 | $72,600 |
| 2033 | $3,300 | $2,000 | $69,300 |
| 2034 | $3,400 | $1,900 | $65,800 |
| 2035 | $3,500 | $1,800 | $62,300 |
| 2036 | $3,600 | $1,700 | $58,700 |
| 2037 | $3,700 | $1,600 | $55,000 |
| 2038 | $3,800 | $1,500 | $51,100 |
| 2039 | $3,900 | $1,400 | $47,200 |
| 2040 | $4,000 | $1,200 | $43,200 |
| 2041 | $4,200 | $1,100 | $39,000 |
| 2042 | $4,300 | $1,000 | $34,700 |
| 2043 | $4,400 | $900 | $30,400 |
| 2044 | $4,500 | $800 | $25,800 |
| 2045 | $4,600 | $700 | $21,200 |
| 2046 | $4,800 | $500 | $16,400 |
| 2047 | $4,900 | $400 | $11,500 |
| 2048 | $5,000 | $300 | $6,500 |
| 2049 | $5,200 | $100 | $1,300 |
| 2050 | $1,300 | $0 | $0 |
Principal and interest only; taxes, insurance and FHA mortgage insurance are extra. The loan is assumed to end 30 years after it was recorded. Ask the listing agent for the servicer's payoff statement before you count on these numbers.
Before you make an offer
- Ask the listing agent to confirm the loan is an FHA loan and that the seller is open to an assumption.
- Get the exact balance, rate, and payment from the seller's loan servicer. Ours are estimates from public records.
- Plan how you'll cover the seller's equity: cash, or a second loan if the servicer allows one.
- FHA loan: you qualify with the servicer much like a new loan and have to live in the home. The servicer can charge up to $1,800 plus credit report costs. FHA assumption guide.
- The servicer's approval usually takes longer than closing a new loan, so ask early.
More in how it works and what to check.
Not sure you can make this work?
Ask about this loan before you call the listing agent: how much cash you'd really need, whether a 2nd loan is likely, and what the servicer will want from you. Free, by email, no account needed.
Talk to an assumption expert Answered by Joey Thompson, who runs Find Assumables. Not a real estate agent.
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Ben Hill County · All of Georgia
Rates come from each loan's public records (HUD's FHA records or the lender's federal HMDA report) where we can match the loan; the rest are estimates from the average 30-year rate in the month the loan was recorded (VA loans usually came in lower; FHA loans landed on both sides). Balances are estimates: the original loan amount from public records, paid down to today. Prices are from the listing when we first found it; check the listing for the current price. Savings compare the same loan amount at today's average rate. Not a brokerage, lender, or advisor; confirm everything with the listing agent and the loan servicer.