assumptions...

[mako]

Ok, anybody who has anything to say about assumable mortgages, here's your chance to say it. I'd personally like to hear more about them, there's a lot to learn here. Like recently I found out that most newer assumable mortgages are formal assumptions (requires qualifying) I was told that ALL assumptions were what I now know are SIMPLE assumptions (non-qualifying). See, you learn something new everyday.

[mako]

When I asked the question....What is the balance on the existing loan(s)?

The answer that I got from their realator was...
Bal. now is about 1.6 mil assumable @ 8.1% over the next 2.8~ years

Can someone please break this down for me, I get that he still owes 1.6mil and that it is at the interest rate of 8.1%, but what does he mean by "over the next 2.8~ years" I'm really confused now.

If anyone can clarify the situation I am truley greatfull.
Mike