An assumption allows a buyer to take over a seller's payments on an existing loan rather than securing your own financing to purchase a house. The potential buyer has to qualify for the assumption much like if he/she were to qualify for a mortgage. Many mortgage companies/banks include a due-on-sale clause that prohibits a buyer from assuming a mortgage but VA, USDA, and FHA loans are assumable. Before exercising an assumption, make sure to check with the lender regarding the requirements of the assumption and do not sign or begin any assumption process before you thoroughly understand what is required.