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v. as·sumed, as·sum·ing, as·sumes
1. To take for granted; suppose: The study assumes that prices will rise.
a. To take upon oneself (a duty or obligation): assume responsibility; assume another's debts.
b. To undertake the duties of (an office): assumed the presidency.
a. To take on (an appearance, role, or form, for example); adopt: "The god assumes a human form" (John Ruskin).
b. To pretend to have; feign: assume an air of authority.
4. To take over without justification; seize: assume control.
5. To clothe oneself in; don: The queen assumed a velvet robe.
6. To take up or receive into heaven.
To make a supposition; suppose or believe: "Is Kay's husband coming to dinner too?" "I assume so."

[Middle English assumen, from Latin assūmere : ad-, ad- + sūmere, to take; see em- in Indo-European roots.]

as·sum′a·bil′i·ty n.
as·sum′a·ble adj.
as·sum′a·bly adv.
as·sum′er n.


n, pl -ties
(Banking & Finance) a mortgage loan or a feature of such that allows the buyer of a property to assume or take on the existing mortgage from the property seller
References in periodicals archive ?
The program will also offer several tempting components, including full-term interest-only options, flexible pre-payment capabilities, non-recourse, low interest rates, 8C percent loan to value, 1.20 DSCR for top markets, no underwriting floors, a streamlined loan process, reduced documentation and assumability.
(94) Neither QM alternative included a down payment requirement, LTV ratio requirement, any written appraisal requirement, any assumability requirement, or any servicing standards.
Traditional finance examples of optionality restrictions include note prepayment lockouts (you can't prepay a loan within a certain amount of time), severe prepayment penalties that impede note prepayments (for instance, so-called "yield maintenance" penalties that entail a costly present value of your future debt service at government borrowing rates), balance sheet covenants that limit other indebtedness or leverage, cash flow sweep requirements, and limitations on note assumability, just to name a few.
The assumability and assignability of an intellectual property license may depend upon whether the license is an exclusive or nonexclusive license.