The rise in interest rates is keeping some buyers out of the housing market right now — but others are hoping to get creative.

More buyers are starting to wonder about assumable mortgages.

“Most buyers are looking for any tool or any hidden program. Anything they can do to make their payment more affordable,” said Emily Green, president of Minnesota Realtors.

An assumable mortgage allows the buyer to assume the interest rate, the repayment period, the current principal balance and other terms of the seller’s mortgage rather than obtain a brand-new loan.

The obvious advantage: you might not have to pay as much interest.

However, there are some drawbacks as well. Not all loans are assumable, and many times, the cash requirement upfront can be more since the buyer is paying the seller for the equity they already have in their home.

Green also says assumable sales can be more complicated than a regular sale, so the hardest part could be finding a willing seller.

“If they can find a buyer who can close in a month and they can walk away and be in their new home, they are probably going to go with that purchase agreement over something that is much more complicated and could take six months. So you’d be looking for an accommodating and flexible seller,” she said.

Assumable mortgages were much more common back in the 1980s when interest rates were as high as 17%, but that could change if interest rates continue to climb.