Loan Comparison: 3.41% vs 6.5%
6012 Jay Street, Arvada, CO 80003 · 2bd/2ba · $355,000
List Price
$355,000
Assumable Rate
3.41%
Remaining Balance
$93,288
Equity Gap
$261,712
Loan Type
FHAAdjust Your Scenario
$17,750
$17,750$261,712
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.41% (FHA)
Blended Rate: 6.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,132/moAssumable @ 3.41% + gap loan
$2,120/moAssumed loan: $414/mo
Gap financing: $1,706/mo
$12less per month with the assumable
Your Savings on This Property
6012 Jay Street, Arvada · 3.41% FHA vs 6.5% conventional
$12
per month
$139
per year
$4,176
over 30 years
$4,176
interest saved
How gap financing works: The equity gap ($261,712) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,750, 5% of purchase price) and a second mortgage for the rest ($243,962 at 7.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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