Properties / 6020 N 31ST Drive
FHA ASSUMABLERate: 4.81%

6020 N 31ST Drive

$260,000
Phoenix, AZ 85017
3 beds2 baths1,204 sqftSingle Family
The assumable advantage
4.81%
FHA assumed rate
$40,258 interest already paid off
Estimated Loan Balance$102,183
Cash to close$157,817
Est. Monthly PITI$945
Initial Loan Amount$117,826
Time on site8 days
Remaining Term22 years, 6 months
Seller's equity (what you pay)
$157,817
Cash or secondary financing
Monthly savings
$913
Versus today's market rate
Est. savings per year
$11K
Versus today's market rate

About this home

Single story NO HOA. 3 BED 2 BATH, Has an added Large Bonus room can easily be 4th bedroom. Comes with a separate laundry room. Home features a great lot, open floor plan, ceiling fans, Minutes away from the I-10, I-17 and Gcu. Hvac is newer. Property is sold is.

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 $157,817. 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 feet1,204
Property typeSingle Family
MLS #7075228
CountyMaricopa County
Assumable loanFHA
Tour this home
In person or virtual.
Prefer virtual tour?
Free · No commitment · Typical reply in 15 min
Investor?
FHA is primary-residence only. But Jeff has VA assumables in the same area.
Jeff Salazar
Active now · (602) 332-3860
Call

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)
$620/mo
Source est. payment (PITI)
$945/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$157,817

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

$0$157,817
Additional funds needed$0

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