Assumable Mortgage

Business, Legal & Accounting Glossary

Definition: Assumable Mortgage


Assumable Mortgage


Full Definition of Assumable Mortgage


A mortgage that can be transfered with no change in terms. If an assumable mortgage is transferred, the buyer assumes all responsibility for repayment. The original lender must agree to the transfer of an assumable mortgage. The seller should receive a written release from the original lender stating that he/she has no responsibility for further payments. The buyer may have to meet certain standards to qualify and may be charged an assumption fee. Assumable mortgages can make a property more desirable if interest rates have risen, because the new buyer’s payments are at the original rate. By definition, assumable mortgages cannot have a due-on-sale clause.


Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/assumable-mortgage/
Modern Language Association (MLA):
Assumable Mortgage. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
December 07, 2021 https://payrollheaven.com/define/assumable-mortgage/.
Chicago Manual of Style (CMS):
Assumable Mortgage. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/assumable-mortgage/ (accessed: December 07, 2021).
American Psychological Association (APA):
Assumable Mortgage. PayrollHeaven.com. Retrieved December 07, 2021
, from PayrollHeaven.com website: https://payrollheaven.com/define/assumable-mortgage/

Definition Sources


Definitions for Assumable Mortgage are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.