Taking Over the Seller’s Mortgage With a Loan Assumption

Assuming a mortgage is a process by which a borrower takes over another person’s mortgage. The original owner of the property sells the home to the new buyer, who then assumes responsibility for making payments on the mortgage. There are several benefits to assuming a mortgage, including potentially qualifying for a lower interest rate and monthly payment.

Assuming a mortgage can also be a way to avoid paying private mortgage insurance (PMI), which is required if you put less than 20% down when buying a home. Mortgage assumptions are not right for everyone, so it’s important to talk to your lender and real estate agent to see if this strategy makes sense for your situation.

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