---
title: What is an assumable mortgage?
description: An assumable mortgage is a type of loan that may allow a buyer to “assume” (or take over) an existing mortgage loan tied to the property.
---

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# What is an assumable mortgage?

## A type of loan that may allow a buyer to “assume” an existing mortgage loan tied to the property.

An assumable mortgage is a type of loan that may allow a buyer to “assume” (or take over) an existing mortgage loan tied to the property. [FHA](https://www.jvmlending.com/glossary/#fhaloan) mortgages are typically assumable if they have been formally approved by the lender, while most [conventional](https://www.jvmlending.com/glossary/#conventionalmortgage) mortgages are not. **Assumable loans may be more attractive in higher interest rate environments when the seller already has a mortgage with a much lower locked rate.**

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