Assumption is 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 since this is an existing mortgage debt, unlike a new mortgage where closing cost and new, probably higher, market-rate interest charges will apply.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). assumption. Retrieved September 21, 2026, from http://smartdefine.org/assumption/definitions/1147974 |
| Chicago | Barry Goldsmith. 2010. "assumption" http://smartdefine.org/assumption/definitions/1147974 (accessed September 21, 2026). |
| Harvard | Barry Goldsmith 2010, assumption, Smart Define, viewed 21 September, 2026, <http://smartdefine.org/assumption/definitions/1147974>. |
| MLA | Barry Goldsmith. "assumption" 21 October 2010. Web. 21 September 2026. <http://smartdefine.org/assumption/definitions/1147974> |