What is the best definition of an assumable mortgage?

An assumable mortgage is a type of home loan that allows a buyer to take over the seller's existing mortgage, including its remaining balance, interest rate, and terms, instead of obtaining a new loan. This can be advantageous for buyers if the existing mortgage has a lower interest rate than current market rates. Assumable mortgages are often specified in the loan agreement and require lender approval for the transfer. They are typically more common with certain types of loans, such as FHA and VA loans.