Paitilla Assumption Comparison
44840 W Paitilla Lane, Maricopa, AZ 85139
$375,000Purchase price
How an assumption works
What a buyer would take over
The seller's mortgage has a 3.125% interest rate, and a qualified buyer may be able to take over the remaining approximate $219,481 balance, not the full $375,000 purchase price. The remaining difference must be covered with cash, additional financing, or a combination of both.
An assumption is subject to buyer qualification and approval by the company that services the existing loan. The loan is scheduled to be paid off February 15, 2052.
Purchase price
$375,000
Used for every option below
Approximate assumable balance
$219,481
At 3.125%, $1,042.93 a month principal and interest
Difference to cover
$155,519
Cash, a second mortgage, or both
Side by side
Four ways to buy this home
Estimated monthly housing payments include principal and interest, an estimated escrow of $223.03 for property taxes and homeowners insurance, and estimated mortgage insurance where it applies: PMI on the conventional loan and FHA mortgage insurance on the FHA loan.
| Purchase option | Cash toward purchase price | Estimated monthly housing payment | Important tradeoff |
|---|---|---|---|
| Assume the mortgage and pay the difference in cash | $155,519 | $1,265.96 | Most cash required, but the lowest estimated monthly payment of the four scenarios |
| Assume the mortgage and add a second mortgage | $37,537.50 | $2,101.66Two loan payments | Includes the assumed payment plus an interest-only second-mortgage payment. Breakdown below. |
| New 30-year conventional mortgage | $37,500 | $2,670.88 | One new loan at a higher rate, including estimated PMI |
| New 30-year FHA mortgage | $13,125 | $2,885.75 | Least cash toward purchase, but the highest estimated monthly payment |
Option 2 payment breakdown
| Assumed mortgage principal and interest | $1,042.93 |
|---|---|
| Estimated second-mortgage paymentInterest only | $835.70 |
| Estimated escrow | $223.03 |
| Estimated total | $2,101.66 |
The estimated total includes both the payment on the seller's assumed mortgage and the payment on the new second mortgage.
The second mortgage is modeled as an estimated $117,981.50 at 8.50%, a 10-year interest-only loan with a three-year draw period. Its payment covers interest only, so it does not reduce the second-mortgage principal during the interest-only period. The rate may be variable unless a lender confirms otherwise.
-
Assume the mortgage and pay the difference in cash
- Cash toward purchase
- $155,519
- Estimated monthly housing payment
- $1,265.96
Tradeoff. Most cash required, but the lowest estimated monthly payment of the four scenarios.
Monthly payment Assumed mortgage principal and interest $1,042.93 Estimated escrow $223.03 Estimated total $1,265.96 -
Assume the mortgage and add a second mortgage
- Cash toward purchase
- $37,537.50
- Estimated monthly housing payment
- $2,101.66Two loan payments
Tradeoff. Less cash than Option 1, with an assumed payment plus an interest-only second-mortgage payment.
Monthly payment breakdown Assumed mortgage principal and interest $1,042.93 Estimated second-mortgage paymentInterest only $835.70 Estimated escrow $223.03 Estimated total $2,101.66 The estimated total includes both the payment on the seller's assumed mortgage and the payment on the new second mortgage.
Second mortgage: an estimated $117,981.50 at 8.50%, a 10-year interest-only loan with a three-year draw period. The payment covers interest only, so it does not reduce the second-mortgage principal during the interest-only period. The rate may be variable unless a lender confirms otherwise.
-
New 30-year conventional mortgage
- Cash toward purchase
- $37,500
- Estimated monthly housing payment
- $2,670.88
Tradeoff. One new loan at a higher rate. With 10% down, the estimate includes private mortgage insurance (PMI).
Monthly payment Principal and interest $2,369.10 Estimated PMI $78.75 Estimated escrow $223.03 Estimated total $2,670.88 -
New 30-year FHA mortgage
- Cash toward purchase
- $13,125
- Estimated monthly housing payment
- $2,885.75
Tradeoff. Least cash toward purchase, but the highest estimated monthly payment, including FHA mortgage insurance.
Monthly payment Principal and interest $2,496.86 Estimated monthly FHA mortgage insurance $165.86 Estimated escrow $223.03 Estimated total $2,885.75
Cash figures cover only the contribution toward the purchase price. They do not include closing costs, prepaid items, reserves, inspections, appraisal expenses, lender charges, assumption fees, or other transaction costs.
The details
How each estimate is built
How we calculated these estimates
1. Assume the mortgage, pay the difference in cash
| Purchase price | $375,000 |
|---|---|
| Assumed balance at 3.125% | $219,481 |
| Cash toward purchase ($375,000 minus $219,481) | $155,519 |
| Monthly principal and interest | $1,042.93 |
| Estimated escrow ($148.03 taxes + $75 insurance) | $223.03 |
| Estimated monthly housing payment | $1,265.96 |
2. Assume the mortgage, add a second mortgage
| Combined financing, 89.99% of $375,000 | $337,462.50 |
|---|---|
| Less the assumed balance | $219,481 |
| Estimated second mortgage | $117,981.50 |
| Cash toward purchase ($375,000 minus $337,462.50) | $37,537.50 |
| Interest-only payment ($117,981.50 × 8.50% ÷ 12) | $835.70 |
| Estimated monthly housing payment | $2,101.66 |
The 8.50% rate reflects illustrative lender guidance for a credit score of about 740 or higher.
3. New 30-year conventional mortgage
| Down payment, 10% | $37,500 |
|---|---|
| Estimated loan amount | $337,500 |
| Illustrative rate | 7.54% |
| Principal and interest, 360 payments | $2,369.10 |
| Estimated PMI, 0.28% a year of the loan amount | $78.75 |
| Estimated escrow ($148.03 taxes + $75 insurance) | $223.03 |
| Estimated monthly housing payment | $2,670.88 |
4. New 30-year FHA mortgage
| Down payment, 3.5% | $13,125 |
|---|---|
| Base loan amount | $361,875 |
| Upfront mortgage insurance, 1.75%, financed | $6,332.81 |
| Estimated total financed amount | $368,207.81 |
| Principal and interest at an illustrative 7.19% | $2,496.86 |
| Monthly FHA mortgage insurance, 0.55% a year on the base loan | $165.86 |
| Estimated escrow ($148.03 taxes + $75 insurance) | $223.03 |
| Estimated monthly housing payment | $2,885.75 |
Plain-language definitions
Terms used on this page
- Assume a mortgage
- Take over the seller's existing loan, with its current rate and remaining balance, after the loan servicer approves you.
- Loan servicer
- The company that collects payments on the existing loan and decides whether a buyer can assume it.
- Principal and interest
- The part of a mortgage payment that pays down the loan balance and pays the lender's interest.
- Escrow
- A monthly amount set aside to pay property taxes and homeowners insurance.
- Second mortgage
- A separate loan, added on top of the first mortgage, used here to cover part of the difference.
- Interest-only payment
- A payment that covers interest only, so the loan balance does not go down while it lasts.
- Draw period
- The window during which money can be taken from a second-mortgage line of credit.
- Private mortgage insurance (PMI)
- Insurance many lenders require on a conventional loan when the down payment is under 20%. It is usually removable once you build enough equity.
- FHA mortgage insurance
- Insurance required on FHA loans, charged once up front and then monthly.
Please read
Disclosures
Elpis Real Estate Boutique is a real estate brokerage, not a lender. This comparison is provided for general educational and property-marketing purposes only. It is not a loan offer, approval, qualification decision, or commitment to lend. Mortgage assumption requires buyer qualification and loan-servicer approval. Rates, balances, payments, insurance, taxes, HOA dues, second-mortgage availability, and closing costs are subject to change. Consult a licensed lender for financing terms specific to you.
- The 7.54% conventional rate and 7.19% FHA rate are illustrative rate-index figures supplied on September 30, 2026, not borrower-specific quotes.
- The 8.50% second-mortgage rate and terms are illustrative lender guidance based on an approximately 740+ credit profile. Availability, rate, payment, and terms must be confirmed.
- The existing mortgage balance, payment, rate, maturity, assumption eligibility, and servicer requirements must be verified.
- Estimated escrow of $223.03 a month uses 2026 property taxes of $1,776.40 a year and an estimated $75 a month for homeowners insurance. HOA dues are not included in these estimates. A buyer's actual figures may differ.
- Mortgage insurance estimates use illustrative factors of 0.28% a year for conventional PMI and 0.55% a year for FHA mortgage insurance. Actual mortgage insurance depends on the lender, credit profile, and down payment.
- Any new first or second mortgage is separately approved by its lender.
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Office (480) 447-2199
ab@ElpisRealEstate.com
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