Assumable Mortgage Calculator
Calculate the savings from assuming an existing low-rate mortgage vs. getting a new loan at today's rates.
Existing Assumable Loan
New Loan (Today's Rates)
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Frequently Asked Questions
How do I know if a mortgage is assumable?
Check the loan document or Note for an "assumption clause." Most FHA and VA loans are assumable, while most conventional loans have a "Due on Sale" clause.
Does an assumable mortgage require a down payment?
Yes. You must pay the seller the difference between the purchase price and the remaining loan balance. This is essentially your down payment.
Do I still need to qualify for the loan?
Yes. The lender will require you to go through a full underwriting process to prove you have the credit and income to support the payments.
Are FHA and VA loans always assumable?
Generally yes, subject to lender approval. FHA loans are very popular for assumption because they often have lower fixed rates than the current market.
What closing costs are involved?
Assumption fees are typically lower than origination fees for a new loan, often capped (e.g., $900 + costs for VA). However, you still pay for title, recording, and processing.