Georgia › Rockdale County › Covington › 3012 River Garden Rd
3012 River Garden Rd, Covington, GA 30016
For sale at $315,000 with an assumable FHA loan recorded in April 2021. Rate 2.375%, from the loan's public records, against today's average of 7.36%.
- 2.375%rate from loan records
- $315,000list price
- FHAloan type
- Apr 2021loan recorded
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The home
- Bedrooms
- 4
- Bathrooms
- 2
- Square feet
- 2,491
- Type
- House
- County
- Rockdale 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 $449 a month at 2.375% over the 25 years left, against $690 for a new 30-year loan at 7.36%. That's about $241 a month less for each $100,000 you take over.
- Cash to assume
- $102,505
- Payment if assumed
- $954/mo
- Saves vs 7.36% today
- $511/mo
Most buyers don't pay all of that in cash. With 15% down ($47,250) and a 2nd loan for the other $55,255 at 8.5% over 20 years, it's about $1,434 a month: $413 less than a new loan with the same $47,250 down. Principal and interest only.
| Principal and interest | $954 |
|---|---|
| 2nd loan | $480 |
| FHA mortgage insurance (0.85% of the balance a year) | $151 |
| Property taxes (ZIP 30016 rate, 0.90% of the price a year) | $236 |
| Homeowners insurance (Georgia average for the price) | $206 |
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 25 years left at 2.375%, about 56% 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 34%paid off in 10 years (a new loan: 13%)
- 2051paid off, about 25 years from now
For this home that's about $34,000 paid off in the first 5 years, against about $11,700 on a new loan, and about $68k of interest left to pay instead of about $315k.
This loan, 2.375% 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) | 66% | 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 | $6,500 | $5,000 | $206,000 |
| 2027 | $6,600 | $4,800 | $199,400 |
| 2028 | $6,800 | $4,700 | $192,600 |
| 2029 | $6,900 | $4,500 | $185,700 |
| 2030 | $7,100 | $4,300 | $178,500 |
| 2031 | $7,300 | $4,200 | $171,300 |
| 2032 | $7,500 | $4,000 | $163,800 |
| 2033 | $7,600 | $3,800 | $156,200 |
| 2034 | $7,800 | $3,600 | $148,300 |
| 2035 | $8,000 | $3,400 | $140,300 |
| 2036 | $8,200 | $3,200 | $132,100 |
| 2037 | $8,400 | $3,000 | $123,700 |
| 2038 | $8,600 | $2,800 | $115,100 |
| 2039 | $8,800 | $2,600 | $106,300 |
| 2040 | $9,000 | $2,400 | $97,300 |
| 2041 | $9,200 | $2,200 | $88,000 |
| 2042 | $9,500 | $2,000 | $78,600 |
| 2043 | $9,700 | $1,800 | $68,900 |
| 2044 | $9,900 | $1,500 | $59,000 |
| 2045 | $10,200 | $1,300 | $48,800 |
| 2046 | $10,400 | $1,000 | $38,400 |
| 2047 | $10,700 | $800 | $27,800 |
| 2048 | $10,900 | $500 | $16,900 |
| 2049 | $11,200 | $300 | $5,700 |
| 2050 | $5,700 | $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.
Sold, or something wrong here? Tell us · Listing agent? Confirm the loan · Your home? Ask us to take it down
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All 15 homes in Covington · Rockdale 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.