Mortgage rates have fundamentally reshaped the housing market. After years of historically low rates hovering between 2-3%, today's buyers face rates around 6% — more than double what many current homeowners locked in just a few years ago. For countless buyers, this dramatic shift has pushed homeownership further out of reach.
But there's a solution hiding in plain sight: assumable mortgages.
Today, we're excited to announce that Roam is now live in New Jersey, Pennsylvania, and Utah, bringing thousands of buyers in these states access to homes with lower interest rates through mortgage assumptions.
An assumable mortgage allows a homebuyer to take over a seller's existing loan — including its interest rate, remaining balance, and loan terms. For homes purchased or refinanced between 2020 and 2022, this often means inheriting a rate closer to 3% instead of today's 6%+.
The financial impact is substantial. On a $300,000, 30-year mortgage, the difference between a 6% rate and a 3% rate translates to roughly $500+ less per month and more than $180,000 in interest savings over the life of the loan.
In today's high-rate environment, assumable mortgages aren't just a nice-to-have — they're one of the most powerful affordability tools available to buyers.
With Roam's expansion, buyers in New Jersey, Pennsylvania, and Utah now have unprecedented access to assumable mortgage opportunities:
Pennsylvania: 529 homes with assumable mortgages currently listed on Roam, representing an estimated $139.2 million in potential buyer savings across the state.
Utah: 443 homes with assumable mortgages listed, representing approximately $116.6 million in potential savings for buyers.
New Jersey: 262 homes with assumable mortgages available, translating to an estimated $68.9 million in potential buyer savings.
These figures reflect the aggregate difference between current market rates and the lower rates carried by these assumable loans — real savings that can make the difference between stretching your budget and buying comfortably.
Affordability has become the defining challenge of today's housing market. According to recent data, the typical monthly mortgage payment has nearly doubled since 2020, pricing out millions of would-be buyers.
Assumable mortgages offer a path forward. By accessing yesterday's rates in today's market, buyers can:
For sellers, assumable mortgages provide a significant competitive edge that helps you sell faster and for more. Homes with assumable loans typically receive more showings, attract serious buyers faster, and sell at above-market prices because the low rate effectively reduces the buyer's cost of the home by tens of thousands of dollars.
While assumable mortgages have existed for decades (they're available on all FHA, VA, and some USDA loans), they've historically been difficult to identify and navigate. Many buyers and real estate agents don't know they exist, and the assumption process has been notoriously complex.
Roam was built to solve this problem. Our platform helps buyers:
We've streamlined what was once an obscure and complicated transaction into a straightforward path to homeownership affordability.
At Roam, we believe the path to homeownership shouldn't depend on timing the market perfectly. By unlocking assumable mortgage opportunities that already exist but remain largely hidden, we're helping more buyers access affordable homeownership in any rate environment.
Expanding into New Jersey, Pennsylvania, and Utah represents another significant step toward that mission, bringing our platform's benefits to thousands of additional buyers and sellers in markets where affordability challenges are acute.
If you're buying or selling in New Jersey, Pennsylvania, or Utah, now is the time to discover what's possible when yesterday's rates meet today's market.
Visit Roam today to explore assumable mortgage listings in your area and see how much you could save. Whether you're a first-time buyer struggling with today's rates or a seller looking to stand out in a competitive market, assumable mortgages could be the advantage you've been searching for.
Welcome to a smarter way to buy. Welcome to Roam.
An assumable mortgage allows a homebuyer to take over the seller's existing home loan, including its interest rate, remaining balance, and loan terms. Instead of applying for a new mortgage at current rates, the buyer "assumes" the seller's loan and continues making payments under the original terms. This can result in significant savings when the existing mortgage has a lower interest rate than what's currently available in the market.
Savings vary based on the difference between the assumable rate and current market rates, as well as the loan amount. On a $300,000, 30-year mortgage, assuming a 3% rate instead of taking out a new loan at 6% can save you approximately $500 per month and more than $180,000 in interest over the life of the loan. Across New Jersey, Pennsylvania, and Utah, Roam has identified over $324 million in potential buyer savings through assumable mortgages currently on the market.
Most FHA loans, VA loans, and some USDA loans are assumable. Conventional loans are typically not assumable. If a home was purchased with FHA or VA financing, that loan can generally be assumed by a qualified buyer. The buyer must still meet the lender's credit and income requirements to assume the loan.
Roam makes it easy to discover homes with assumable mortgages in these states. Our platform specifically identifies and lists properties with assumable loans, displays the existing interest rate and estimated savings, and shows you the potential monthly payment difference compared to current market rates. You can search by location, price range, and other criteria just like any real estate site, but with the added filter of assumable financing.
Yes. If a home is listed for $400,000 but only has $250,000 remaining on the assumable mortgage, you'll need to cover the $150,000 difference. This can be done through a down payment, secondary financing, or a combination of both. With Roam, buyers can put as little as 5% down and pay less than the market rate, even with secondary financing, making assumable mortgages an attractive option even with the down payment.
Yes. Advertising an assumable mortgage helps you sell faster and potentially for more money. Homes with significantly below-market interest rates often command premium prices because buyers recognize the value of the financing. The low rate effectively increases a buyer's purchasing power, making them willing to pay more for the property. Additionally, homes with assumable mortgages typically attract more interest and give sellers stronger negotiating positions.
About Roam: Roam is the leading platform for assumable mortgage listings, helping buyers find homes with below-market interest rates and navigate the mortgage assumption process from start to finish, and sellers expertly market their low-rate loan to sell faster and for more. Our mission is to make homeownership more affordable by unlocking opportunities that already exist in the market.