Assumptions close more often than the online skeptics suggest, but they are slow and they take real cash. Most assumable loans are government loans (VA and FHA), and the servicer has to approve the buyer, so plan on roughly two to four months to close. A file sitting under contract for a couple of months is normal for an assumption. Qualification is rarely the obstacle. Most buyers who start the process already qualify, so files seldom fall apart unless the buyer simply changes their mind. The obstacle is cash. You assume the seller's remaining balance and have to cover the gap between that balance and the purchase price, usually in cash. On one of our listings, the assumable balance was $550,000 against a $1,000,000 price, so the buyer had to bring $450,000 to close, and that deal took over 100 days. It was a fantastic rate for the buyer, and it only worked because they had the cash to bridge the gap. So the honest picture: assumptions do close, especially when the buyer is qualified and funded. Expect a long timeline, a servicer that moves at its own pace, and a large cash requirement whenever the seller has real equity. If a low assumed rate is worth all that to you, it can be a great deal. Go in expecting a marathon rather than a quick close.