$369,900
$369,900
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3 Beds
2 Baths
1,556 SqFt
SOLD DATE : 10/19/2023
Key Details
Sold Price $369,900
Property Type Single Family Home
Sub Type Single Family - Detached
Listing Status Sold
Purchase Type For Sale
Square Footage 1,556 sqft
Price per Sqft $237
Subdivision Tartesso Unit 2B
MLS Listing ID 6555751
Sold Date 10/19/23
Style Santa Barbara/Tuscan
Bedrooms 3
HOA Fees $84/mo
HOA Y/N Yes
Originating Board Arizona Regional Multiple Listing Service (ARMLS)
Year Built 2020
Annual Tax Amount $1,329
Tax Year 2022
Lot Size 6,382 Sqft
Acres 0.15
Property Description
In the world of real estate, finding favorable-term mortgages can make a significant difference in your financial well-being. One option that has garnered attention is a low assumable rate mortgage. The unique offering for this property presents several advantages for both buyers and sellers and the benefits of this low 2.75% assumable rate mortgage is a game-changer in today's real estate landscape.
Securing a mortgage with such a low-interest rate is a goal for many homebuyers. This 2.75% assumable rate mortgage provides a remarkable advantage, especially in times of rising interest rates. Buyers assuming the loan can benefit from an interest rate lower than what they might find in the current market, saving them thousands of dollars over the life of the loan. To determine the benefits of this assumable rate mortgage, we can compare the total cost of two hypothetical loan scenarios over a 30-year period. Let's calculate the approximate monthly payments and total payments for each mortgage.
For a $400k mortgage at 2.75%: The monthly payment can be calculated using a loan amortization formula, which comes to approximately $1,632.96. The total interest payments over 30 years would amount to around $187,867.30.
For a $350k mortgage at 6.75%: The monthly payment, calculated similarly, is approximately $2,270.09. The total interest payments over 30 years would amount to around $467,233.60.
Comparing the two options, the lower interest rate of 2.75% for the $400k mortgage results in significantly lower monthly payments and a total interest cost of $187,867.30.
On the other hand, the higher interest rate of 6.75% for the $350k mortgage leads to higher monthly payments and a total interest cost of $467,233.60.
Thus, opting for the $400k mortgage at 2.75% would provide the benefit of lower monthly payments and save you approximately $280k over the 30-year term compared to the $350k mortgage at 6.75%.
This low 2.75% assumable rate mortgage brings a host of benefits to both buyers and sellers. With its advantageous interest rate, simplified financing process, potential cost savings, and flexibility, this type of mortgage offers an attractive proposition in today's real estate market.
By understanding and harnessing the benefits of this property's low 2.75% assumable rate mortgage, homebuyers can make informed decisions that align with their financial goals.
Location
State AZ
County Maricopa
Community Tartesso Unit 2B
Direction Sun Valley Pkwy to west on W Thomas. Right on N 303rd Ave to roundabout. West on N Tartesso Pkwy to left on W Mitchel to left on N309th Dr to right on W Mulberry Dr. Home on left.
Rooms
Other Rooms Great Room, Family Room
Master Bedroom Split
Den/Bedroom Plus 3
Ensuite Laundry WshrDry HookUp Only
Separate Den/Office N
Interior
Interior Features Eat-in Kitchen, Breakfast Bar, No Interior Steps, Pantry, Double Vanity, High Speed Internet, Granite Counters
Laundry Location WshrDry HookUp Only
Heating Natural Gas, ENERGY STAR Qualified Equipment
Cooling Refrigeration, Programmable Thmstat, Ceiling Fan(s), ENERGY STAR Qualified Equipment
Flooring Carpet, Tile
Fireplaces Number No Fireplace
Fireplaces Type None
Fireplace No
Window Features ENERGY STAR Qualified Windows,Double Pane Windows,Low Emissivity Windows
SPA None
Laundry WshrDry HookUp Only
Exterior
Exterior Feature Other, Covered Patio(s), Playground, Patio
Garage Dir Entry frm Garage, Electric Door Opener
Garage Spaces 2.0
Garage Description 2.0
Fence Block
Pool None
Community Features Tennis Court(s), Playground, Biking/Walking Path
Utilities Available APS, SW Gas
Amenities Available Management, Rental OK (See Rmks)
Waterfront No
View Mountain(s)
Roof Type Tile
Parking Type Dir Entry frm Garage, Electric Door Opener
Private Pool No
Building
Lot Description Sprinklers In Rear, Sprinklers In Front, Desert Front, Gravel/Stone Back, Synthetic Grass Back, Auto Timer H2O Back
Story 1
Builder Name DR Horton
Sewer Public Sewer
Water City Water
Architectural Style Santa Barbara/Tuscan
Structure Type Other,Covered Patio(s),Playground,Patio
Schools
Elementary Schools Tartesso Elementary School
Middle Schools Tartesso Elementary School
High Schools Tonopah Valley High School
School District Saddle Mountain Unified School District
Others
HOA Name Tartesso
HOA Fee Include Maintenance Grounds
Senior Community No
Tax ID 504-77-284
Ownership Fee Simple
Acceptable Financing Conventional, FHA, Lease Purchase, VA Loan
Horse Property N
Listing Terms Conventional, FHA, Lease Purchase, VA Loan
Financing FHA
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