1. Lower Interest Rate: If the assumable loan has a lower interest rate than current market rates, the buyer can secure financing at a more favorable rate, potentially saving money on interest payments over the life of the loan.

2. Lower Closing Costs: Assumable loans may have lower closing costs compared to obtaining a new loan, as the buyer doesn't need to pay for certain loan origination fees or other expenses associated with securing a new mortgage.

3. Faster Closing: Since the assumption process typically involves fewer steps and less paperwork compared to obtaining a new loan, the closing process may be faster and more streamlined, allowing the buyer to move into the property more quickly.

4. Flexible Terms: Depending on the loan agreement, assumable loans may offer flexible terms and repayment options, allowing the buyer to choose a loan that best fits their financial situation and goals.

5. Avoidance of Mortgage Insurance: If the assumable loan does not require mortgage insurance, the buyer can avoid the additional expense of paying for mortgage insurance premiums, resulting in lower monthly payments.

As for the types of loans that can be assumed, assumable loans are more commonly associated with certain types of mortgages, including:

• FHA Loans: Some FHA loans are assumable, allowing qualified buyers to take over the existing FHA mortgage with lender approval.
• VA Loans: VA loans are assumable, subject to lender approval and eligibility requirements for assuming the loan.
• USDA Loans: Certain USDA loans may be assumable, but they are less common than FHA or VA assumable loans.
• Conventional Loans: While less common, some conventional loans may be assumable, but this typically requires lender approval and may be subject to specific terms and conditions.

It's essential for both the buyer and seller to carefully review the terms of the assumable loan and consider their individual financial circumstances before proceeding with the assumption. Consulting with a qualified real estate professional or financial advisor can help assess whether assuming a loan is the right decision for all parties involved.