How assuming a mortgage works

When you assume a mortgage, you take over the seller's existing loan: the balance, the remaining term, and the interest rate. With most loans from 2020 to early 2022 sitting between 2.5% and 3.5%, that rate is the whole point.

Which loans can be assumed

FHA, VA, and USDA loans are assumable with the loan servicer's approval. Most conventional loans are not. The site only shows homes whose current first mortgage is one of those three types, recorded in the low-rate window, so every pin is likely assumable. The servicer makes the final call, and the seller has to agree.

Cash to assume

You assume the loan balance, not the price. The difference between the list price and the balance is the seller's equity, and you have to cover it: in cash, or with a second mortgage from a lender who offers them. That gap is the number shown under each home. Closing costs are on top of it.

Example: a home listed at $357,000 with a $277,000 balance means about $80,000 to assume. You would then pay the seller's 3% rate on $277,000 instead of today's rate on a new loan.

The process

Make an offer that says you intend to assume the loan, and ask the listing agent which servicer holds it.
Apply with the servicer. You have to qualify on credit and income much like a new loan.
Wait. Servicers often take longer than the 45 days they are generally allowed, so plan for two to three months and keep the seller informed.
Close. The servicer transfers the loan into your name and the seller is released from it.

Loan-specific details

FHA: the loan keeps its monthly mortgage insurance. Servicers may charge an assumption fee (HUD caps it, currently at $1,800).
VA: you do not need to be a veteran to assume a VA loan, but if you are not, the seller's VA entitlement stays tied to the loan until it is paid off, so some sellers prefer a veteran buyer who can substitute their own entitlement. The VA charges a 0.5% funding fee on assumptions, with exemptions for some disabled veterans.
USDA: assumable with USDA approval; the buyer usually has to meet the program's income and location rules.

What the numbers on this site are

Rate: for most homes, the loan's actual rate from public records: HUD's list of every FHA loan, or HMDA, the loan data lenders report to federal regulators. The site finds the loan by its amount, location, month and lender, and marks the rate "from loan records". When it can't find the loan, it estimates from Freddie Mac's average 30-year rate for the month the mortgage was recorded. VA and USDA loans from those years usually came in below that average, so their estimates say "or lower"; FHA loans landed on both sides of it, so theirs say "estimate". A rate the listing agent or the servicer confirmed replaces either.
Balance: an estimate: the original loan amount from public records, paid down to today at the loan's rate (it doesn't know about extra payments). When the recorded balance is at or above the asking price, that is almost always a records error, so the site marks it "unclear" and leaves out cash and savings.
Payment if assumed: principal and interest on the estimated balance at the loan's rate over the years left on the loan. The comparison uses the same loan amount at today's average rate for a new 30-year loan. Taxes, insurance, HOA dues, and FHA mortgage insurance are not included.
Listings: from MLS feeds through a data provider, refreshed regularly. A listing can go under contract or be withdrawn between refreshes, and some MLS records are never closed out, so the Zillow link is the quickest way to check it is still for sale. Homes listed more than six months ago are flagged "may be off market", since that is where most stale records turn up.

Before you make an offer

Ask the agent to confirm the loan type, servicer, balance, and rate from the seller's statement.
Ask whether the seller will accept an assumption; some won't wait out the process.
Figure out the cash: equity gap plus closing costs, or a second mortgage.
Check the home itself the way you would for any purchase. Assumability doesn't change the inspection.

Find Assumables is not a brokerage, lender, or advisor. Nothing here is legal or financial advice. Data: public records and MLS feeds; rates from Freddie Mac via FRED.