Assumable home mortgages offer a unique opportunity for both buyers and sellers in the real estate market. These loans allow a buyer to take over the seller’s existing mortgage, maintaining the original terms and interest rate. This can be highly advantageous, especially in an environment where interest rates are rising.

For buyers, assumable mortgages can mean significant savings. Instead of securing a new loan at a higher interest rate, the buyer inherits the seller’s lower rate. This can reduce monthly payments and overall interest costs, making homeownership more affordable. Additionally, assuming a mortgage can streamline the buying process, as it may bypass some of the rigorous underwriting procedures of new loans.

Sellers can also benefit from offering an assumable mortgage. It can make their property more attractive in a competitive market, potentially leading to a quicker sale. For homes with particularly favorable loan terms, this feature can be a major selling point.

However, there are some considerations to keep in mind. Not all mortgages are assumable; typically, FHA, VA, and USDA loans offer this option. Both buyer and seller must meet the lender’s requirements, and the buyer usually needs to qualify financially. There may also be fees associated with the assumption process.

Overall, assumable mortgages present a win-win scenario, providing financial advantages and simplifying transactions in the housing market.

Here is how it works:

If a sellers mortgage is $200,000 and the property is worth or selling at $300,000, the buyer must come up with the difference of $100,000 to assume the mortgage.

Newest Listings Albuquerque

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5919 Silver Leaf Trail Ne, Albuquerque

$850,000

5919 Silver Leaf Trail Ne, Albuquerque

4 Beds 3 Baths 2,965 SqFt Residential MLS® # 1073868

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$650,000

8324 Salinger Lane Nw, Albuquerque

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1202 Marigold Drive Ne, Albuquerque

$649,000

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8404 Vintage Drive Ne, Albuquerque

$625,000

8404 Vintage Drive Ne, Albuquerque

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6612 Glen Oak, Albuquerque

$590,000

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3 Beds 2 Baths 2,293 SqFt Residential MLS® # 1073909

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11631 Gallant Fox Road Se, Albuquerque

$545,000

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4 Beds 4 Baths 3,116 SqFt Residential MLS® # 1073842

Equity New Mexico

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11809 Badger Mountain Trail Nw, Albuquerque

$499,000

11809 Badger Mountain Trail Nw, Albuquerque

3 Beds 3 Baths 2,481 SqFt Residential MLS® # 1073810

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9513 Avenida Del Oso, Albuquerque

$490,000

9513 Avenida Del Oso, Albuquerque

3 Beds 2 Baths 1,905 SqFt Residential MLS® # 1073907

ERA Summit

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1614 Anderson Place Se, Albuquerque

$449,000

1614 Anderson Place Se, Albuquerque

3 Beds 2 Baths 1,420 SqFt Residential MLS® # 1073843

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2817 San Pablo Street Ne, Albuquerque

$425,000

2817 San Pablo Street Ne, Albuquerque

4 Beds 3 Baths 2,556 SqFt Residential MLS® # 1073776

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2115 Corte De Chamisa Nw, Albuquerque

$400,000

2115 Corte De Chamisa Nw, Albuquerque

3 Beds 2 Baths 1,877 SqFt Residential MLS® # 1073849

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2503 Tramway Terrace Court Ne, Albuquerque

$399,500

2503 Tramway Terrace Court Ne, Albuquerque

2 Beds 2 Baths 1,240 SqFt Residential MLS® # 1073864

HomeSmart Realty Pros

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6801 Baker Avenue Ne, Albuquerque

$389,000

6801 Baker Avenue Ne, Albuquerque

3 Beds 2 Baths 1,670 SqFt Residential MLS® # 1073860

Berkshire Hathaway NM Prop

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1120 Buena Vista Drive Se, Albuquerque

$368,000

1120 Buena Vista Drive Se, Albuquerque

4 Beds 3 Baths 1,741 SqFt Residential MLS® # 1073747

AGM Real Estate Company

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10013 Caddie Street Nw, Albuquerque

$343,000

10013 Caddie Street Nw, Albuquerque

3 Beds 2 Baths 1,403 SqFt Residential MLS® # 1073802

Coldwell Banker Legacy

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8401 Casa Amarilla Road Nw, Albuquerque

$340,000

8401 Casa Amarilla Road Nw, Albuquerque

3 Beds 3 Baths 1,629 SqFt Residential MLS® # 1073899

CENTURY 21 Camco Realty

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5512 Furman Avenue Nw, Albuquerque

$335,000

5512 Furman Avenue Nw, Albuquerque

3 Beds 2 Baths 1,888 SqFt Residential MLS® # 1073819

Keller Williams Realty

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7709 San Francisco Road Ne, Albuquerque

$320,000

7709 San Francisco Road Ne, Albuquerque

3 Beds 2 Baths 1,805 SqFt Residential MLS® # 1073904

Coldwell Banker Legacy

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10909 Topacio Street Nw, Albuquerque

$320,000

10909 Topacio Street Nw, Albuquerque

3 Beds 2 Baths 1,552 SqFt Residential MLS® # 1073908

Couture Brokerage

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12208 Cordova Avenue Ne, Albuquerque

$315,000

12208 Cordova Avenue Ne, Albuquerque

3 Beds 2 Baths 1,596 SqFt Residential MLS® # 1073238

EXP Realty LLC

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10720 Shooting Star Street Nw, Albuquerque

$310,000

10720 Shooting Star Street Nw, Albuquerque

3 Beds 2 Baths 1,511 SqFt Residential MLS® # 1073436

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8509 Vista Estrella Lane Sw, Albuquerque

$294,900

8509 Vista Estrella Lane Sw, Albuquerque

3 Beds 3 Baths 1,784 SqFt Residential MLS® # 1073831

Keller Williams Realty

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3129 Cypress Drive Sw, Albuquerque

$289,000

3129 Cypress Drive Sw, Albuquerque

3 Beds 2 Baths 1,545 SqFt Residential MLS® # 1073895

Re/Max Exclusive

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1933 Truman Street Ne, Albuquerque

$285,000

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3 Beds 1 Bath 1,123 SqFt Residential MLS® # 1072952

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10801 Griffith Park Drive Ne, Albuquerque

$276,000

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2 Beds 2 Baths 1,273 SqFt Residential MLS® # 1073637

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$265,000

5147 Glenwood Pointe Lane Ne, Albuquerque

2 Beds 1 Bath 1,041 SqFt Residential MLS® # 1073814

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9919 Bridle Falls Avenue Sw, Albuquerque

$255,000

9919 Bridle Falls Avenue Sw, Albuquerque

2 Beds 2 Baths 1,078 SqFt Residential MLS® # 1073793

N & D Realty & Property Mgmt

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717 Florida Street Se, Albuquerque

$249,900

717 Florida Street Se, Albuquerque

3 Beds 1 Bath 1,243 SqFt Residential MLS® # 1073766

Realty One of New Mexico

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320 Kaylyn Drive Se, Albuquerque

$249,900

320 Kaylyn Drive Se, Albuquerque

2 Beds 2 Baths 1,028 SqFt Residential MLS® # 1073873

Congress Realty, Inc

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945 Madeira Drive Se, Albuquerque

$249,900

945 Madeira Drive Se, Albuquerque

2 Beds 1 Bath 906 SqFt Residential MLS® # 1073891

Keller Williams Realty

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