Semiconductor assembly with package on package structure and electronic device including the same

A semiconductor assembly with a package on package (POP) structure includes a first semiconductor package having a first lower substrate, a first upper substrate facing the first lower substrate, and a first semiconductor chip mounted on an area of the first lower substrate. The POP structure further includes a second semiconductor package having a second lower substrate stacked on the first semiconductor package and spaced apart from the first semiconductor package, and a second semiconductor chip mounted in an area of the second lower substrate. At least one passive element is disposed in one of the first upper substrate and the second lower substrate and electrically connected to the second semiconductor chip.