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in real estate a assumption agreement is a legally binding contract that lets the buyer of a property take over the sellers current mortgage loan the buyer agrees to take over the original mortgage agreements terms and conditions including the remaining loan amount the Assumption deal usually needs the approval of the lender who looks at the buyers credit worthiness an ability to pay the mortgage the buyer takes on the debt along with the property so the seller no longer has to pay the mortgage heres a real estate example to show what an assumption agreement is Sarah is buying Johns house for two hundred fifty thousand dollars John is paying four percent interest on a mortgage loan with a remaining amount of two hundred thousand dollars Sarah would rather take over the current debt than get a new loan as part of the buying process John and Sarah agreed to sign an assumption agreement they talked to the lender who holds Johns debt and ask for permission to take it over the lender l
