Assumption
Fannie Mae
Updated 10-31-2026
Assumption
A transaction in which the purchaser of real property takes over the seller's existing mortgage; the seller remains liable for the mortgage unless released by the lender from this obligation. The terms describing whether or not the loan is assumable are typically set forth in the security instrument.
Fannie Mae Glossary of Terms
Fannie Mae · p. 3
Department of Veterans Affairs
Updated 10-31-2026
Assumption
a situation where, instead of opening a new mortgage loan, the buyer takes over the seller’s loan.
Department of Veterans Affairs Glossary of Terms
Department of Veterans Affairs · p. 1
California Association of Realtors
Updated 10-31-2026
Assumption
The agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money by acquiring an existing mortgage debt, instead of obtaining a new mortgage where closing costs and market-rate interest charges will apply.
California Association of Realtors Glossary
California Association of Realtors · p. 2
FreddieMac
Updated 10-31-2026
Assumption
A homebuyer's agreement to take on the primary responsibility for paying an existing mortgage from a home seller.
FreddieMac Glossary
FreddieMac · pp. 2–3
FTC
Updated 10-31-2026
Assumption
A homebuyer's agreement to take on the primary responsibility for paying an existing mortgage from a home seller.
FTC Real Estate Terms
FTC · p. 2
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