Properties / 5550 N 16TH Street
FHA ASSUMABLERate: 2.78%

5550 N 16TH Street

$445,000
Phoenix, AZ 85016
3 beds2 baths1,530 sqftSingle Family
The assumable advantage
2.78%
FHA assumed rate
$50,278 interest already paid off
Estimated Loan Balance$291,947
Cash to close$152,354
Est. Monthly PITI$2,018
Initial Loan Amount$335,978
Time on site1 day
Remaining Term24 years, 4 months
Seller's equity (what you pay)
$153,053
Cash or secondary financing
Monthly savings
$1,247
Versus today's market rate
Est. savings per year
$15K
Versus today's market rate

About this home

A truly charming townhome in the heart of the Biltmore Corridor! This 3 bedroom, 2 bath home offers a thoughtfully designed living space. Inside, enjoy an open concept layout with a spacious living room, dinette area, and beautiful kitchen featuring white cabinets, stainless steel appliances, pantry, and island seating. The primary suite offers an en-suite bath with dual vanities, walk-in shower, and soaking tub. Step onto the private balcony for morning coffee, then enjoy the heated pool, spa, and BBQ areas. Plus, shopping, dining, and major freeways are all nearby!

How assumption works for this home

Can I assume this FHA loan?

Yes, as long as you meet the lender's credit (620+) and DTI requirements. FHA assumptions require you to use the home as your primary residence.

How much cash do I actually need?

You need to cover the seller's equity of $153,053. If you don't have that in cash, we can help structure secondary financing to cover the gap.

Can investors assume this one?

No — FHA loans require owner-occupancy. If you're an investor, ask us about our VA inventory.

How long does this take?

Typically 45 days. The lender underwriting is 2–3 weeks, and the rest is standard closing.

Property details

Bedrooms3
Bathrooms2
Square feet1,530
Property typeSingle Family
MLS #7078157
CountyMaricopa County
Assumable loanFHA
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Investor?
FHA is primary-residence only. But Jeff has VA assumables in the same area.
Jeff Salazar
Active now · (602) 332-3860
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Payment & cash calculator

Cash covers the gap between the price and the existing loan balance. Changing this amount does not change the existing mortgage payment.

Est. mortgage payment (P&I)
$1,377/mo
Source est. payment (PITI)
$2,018/mo

P&I is principal and interest. PITI also includes estimated taxes and insurance. HOA fees and payments on any additional financing are separate.

Estimated equity gap$153,053

Asking price minus remaining loan balance. Closing costs are additional.

$0$153,053
Additional funds needed$0

The equity gap is covered. Closing costs and assumption fees still need to be confirmed.