An assumable mortgage is a loan that can be transferred from one party to another with the initial terms remaining in place. This means that the buyer can take over the seller's mortgage, including the repayment period and interest rate. An assumable mortgage can be a good option for buyers and sellers in a rising interest rate environment, as it allows the buyer to get into a home at a lower interest rate. However, not all mortgages are assumable, and the process of assuming a mortgage can be complex. It is important to work with a qualified mortgage professional to determine if an assumable mortgage is the right choice for your situation.