As a seller, if your mortgage terms allow your buyer to assume your mortgage, it is still exeedingly unlikely that this solution will work. And the reason for that will probably be one of two obstacles:
- Either you have a lot of equity in your home, which puts the cash requirement out of reach* for most homebuyers who need financing.
- You have a small amount of equity which means your interest rate is probably not a big enough difference from the market interest rates that it is worth going through the uncertainty of buyer qualification, the lender hoops and the time dragging with your lender.
*Trying to help your buyer cover the cash requirements by accepting a promissory second from them could violate the terms of your lender’s assumption. Plus it puts your equity-money at risk and delayed.