What does assumption of mortgage mean?

assumption of mortgage meaning in Law Dictionary

contract when a buyer takes responsibilty for payments to save closing costs or interest rates. The original party is secondarily responsible unless released.

assumption of mortgage meaning in Business Dictionary

Agreement under that your purchaser of a property gets control of the vendor's responsibility for repayment of installments (from the present mortgage on property), often to truly save the closing expenses and/or greater interest rates of a fresh mortgage. The initial mortgagor (seller associated with home) continues to be secondarily liable for payment for the mortgage unless released on paper because of the mortgagee (loan provider).