Properties / 6416 E ENCANTO Street
FHA ASSUMABLERate: 3.26%

6416 E ENCANTO Street

$474,990
Mesa, AZ 85205
3 beds1 baths1,308 sqftSingle Family
The assumable advantage
3.26%
FHA assumed rate
$55,408 interest already paid off
Estimated Loan Balance$255,505
Cash to close$219,485
Est. Monthly PITI$1,774
Initial Loan Amount$294,459
Time on site0 days
Remaining Term23 years, 10 months
Seller's equity (what you pay)
$219,485
Cash or secondary financing
Monthly savings
$1,515
Versus today's market rate
Est. savings per year
$18K
Versus today's market rate

About this home

Welcome home! Fall in love with this charming 3-bedroom, 2-bath single-story home in a prime Mesa location, just off the 202 freeway and close to restaurants, shopping, and parks. Inside you'll find vaulted ceilings, an eat-in breakfast nook, and tile flooring in all the right places. The living room is filled with natural light from its abundance of windows. Outside, the low-maintenance desert-landscaped backyard features an RV gate and more.

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 $219,485. 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
Bathrooms1
Square feet1,308
Property typeSingle Family
MLS #7079524
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)
$1,286/mo
Source est. payment (PITI)
$1,774/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$219,485

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

$0$219,485
Additional funds needed$0

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