In this paper we describe the construction of an efficient probabilistic parameterization that could be used in a coarse-resolution numerical model in which the variation of moisture is not properly resolved. An Eulerian model using a coarse-grained field on a grid cannot properly resolve regions of saturation---in which condensation occurs---that are smaller than the grid boxes. Thus, in the absence of a parameterization scheme, either the grid box must become saturated or condensation will be underestimated. On the other hand, in a stochastic Lagrangian model of moisture transport, trajectories of parcels tagged with humidity variables are tracked and small-scale moisture variability can be retained; however, explicitly implementing such a scheme in a global model would be computationally prohibitive. One way to introduce subgrid-scale saturation into an Eulerian model is to assume the humidity within a grid box has a probability distribution. To close the problem, this distribution is conventionally determined by relating the required subgrid-scale properties of the flow to the grid-scale properties using a turbulence closure. Here, instead, we determine an assumed probability distribution by using the statistical moments from a stochastic Lagrangian version of the system. The stochastic system is governed by a Fokker--Planck equation and we use that, rather than explicitly following the moisture parcels, to determine the parameters of the assumed distribution. We are thus able to parameterize subgrid-scale condensation in an Eulerian model in a computationally efficient and theoretically well-founded way. In two idealized advection--condensation problems we show that a coarse Eulerian model with the subgrid parameterization is well able to mimic its Lagrangian counterpart.