Assumable Loan Calculator
Taking over a seller's lower-rate loan can cut your payment for years. Enter the numbers to see what it could save compared with a new loan, and how much cash the gap takes.
Want Help Sorting Out an Assumption?
Assumptions take more steps than a normal loan. We can ask the listing agent for the balance and walk through the numbers with you.
Questions About Assumable Loans
What is the equity gap?
You take over what the seller owes, not the price. If a home sells for $350,000 and the seller owes $280,000, the $70,000 difference has to come from your cash or sometimes a second loan.
What does an assumption cost?
Fees depend on the loan. FHA caps the servicer's fee at $1,800. VA charges a funding fee of 0.5% of the balance unless the buyer is exempt. Title and closing costs may be added, so ask for an estimate.
Why can the payment be lower with a shorter term?
An assumed loan keeps its remaining term, such as 27 years, so it pays off sooner than a new 30-year loan. The calculator counts that when it shows dollars ahead.
Is this a loan quote?
No. It is an estimate for comparing options. The rate, balance and approval come from the seller's loan servicer, and your lender can confirm any second loan.