Assuming my grandmas mortgage

[/u/TheSpacecakes]

An opportunity to assume my grandmas mortgage has fallen into my lap, and yes the lender has confirmed it is assumable. She owes 160k at 2.9% and the homem is worth 650k. My question is, is there any concern on coming to our own terms for the 490k difference instead of paying it up front like a standard mortgage assumption? My plan would be to get a secondary mortgage this summer for 300k to get my granmda a large lump sum, the remaining 190k would then be callable when my grandma passes as she does not need that to live. Any thoughts or advice on doing something like this is appreciated!

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Assuming my grandmas mortgage
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