Assumable Mortgages Unlock Lower Payments

Buyers can take over a seller’s existing loan, potentially keeping a low-3% rate instead of fresh financing at ~6% current market rates.
Popularity has ↑127% as buyers look for lower-rate options; a 2026 comparison shows >$450 monthly savings and >$220K total savings versus new financing.
Most conventional loans are not assumable; government-backed loans may qualify, but buyers still face underwriting, occupancy, property, and eligibility checks before approval.
Equity gaps matter: buyers usually cover the difference between price and remaining balance using cash, sale proceeds, gifts, or accepted financing upfront.
Expect timelines of 60 to 120 days; before offering, confirm loan type, permission, equity gap, qualification, and veteran entitlement details when applicable.