Properties / 1253 S Colonial Drive
VA ASSUMABLERate: 6.35%

1253 S Colonial Drive

$515,000
Gilbert, AZ 85296
3 beds2 baths1,358 sqftSingle Family
The assumable advantage
6.35%
VA assumed rate
$54,433 interest already paid off
Estimated Loan Balance$442,730
Cash to close$72,740
Est. Monthly PITI$3,101
Initial Loan Amount$452,049
Time on site14 days
Remaining Term28 years, 1 month
Seller's equity (what you pay)
$72,270
Cash or secondary financing
Monthly savings
$218
Versus today's market rate
Est. savings per year
$3K
Versus today's market rate

About this home

Welcome to 1253 S Colonial Drive, an updated 3-bedroom, 2-bath home with a private pool in Gilbert's desirable Lindsay Ranch neighborhood. Fresh, inviting and move-in ready, the home features an updated kitchen and baths, new bedroom carpeting and a comfortable great room floor plan designed for easy everyday living and entertaining. Step outside to your private backyard retreat with a sparkling pool, turf lawn and plenty of room for additional amenities to enjoy the perfect Arizona lifestyle year-round. 2 car garage includes convenient storage cabinetry, The property offers exceptional flexibility as a primary residence, second home or investment opportunity. Conveniently located near Gilbert's popular shopping, dining and recreation, this gorgeous property is ready for it's next chapter

How assumption works for this home

Can I assume this VA loan?

Yes, as long as you meet the lender's credit (620+) and DTI requirements. You do NOT need to be a veteran to assume a VA loan — this is a common misconception.

How much cash do I actually need?

You need to cover the seller's equity of $72,270. If you don't have that in cash, we can help structure secondary financing to cover the gap.

Can investors assume this one?

Yes — VA assumptions can be used for investment properties. You can rent this home out.

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 feet1,358
Property typeSingle Family
MLS #7072410
CountyMaricopa County
Assumable loanVA
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Investor?
This VA loan can be assumed and rented. Talk to Jeff about the ROI math.
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)
$2,819/mo
Source est. payment (PITI)
$3,101/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$72,270

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

$0$72,270
Additional funds needed$0

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