Taking over an existing mortgage: who can, how, and what it takes
Assumption fees
Desk answer
Assumptions usually involve a processing fee charged by the servicer, normal closing costs like title and recording, and the cost of funding the equity gap. VA assumptions also carry a VA funding fee unless the buyer is exempt. Ask the servicer for its fee schedule in writing.
Last reviewed against the primary sources listed below.
Ask for
- The servicer's assumption fee.
- Who pays which closing costs.
- Any VA funding fee that applies.
Assumption questions
Is there a fee to assume a mortgage?
Yes, servicers usually charge a processing fee, plus normal closing costs.
Do VA assumptions have a funding fee?
Yes, unless the buyer is exempt.