Buying a home with assumable mortgage. Definitely a yes for the buyer if the interest rate on the existing mortgage is lower than the rate the buyer could obtain on a new mortgage, either because of prevailing market conditions or the buyer s poor credit history. Then sharpen your pencil, roll up your sleeves, and do the math to calculate whether or not to assume an old loan or apply for a brand new mortgage. From the seller s point of view, it may pay to be cautious about allowing a buyer to assume an existing mortgage on which you are personally liable. Depending on the state and terms of the mortgage, a seller may remain liable on the loan until it is paid off in full.
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