Loan Comparison: 3.31% vs 6.5%
12824 Ironstone Way, Parker, CO 80134 · 4bd/4ba · $315,000
List Price
$315,000
Assumable Rate
3.31%
Remaining Balance
$226,022
Equity Gap
$88,978
Loan Type
FHAAdjust Your Scenario
$15,750
$15,750$88,978
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 4.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,891/moAssumable @ 3.31% + gap loan
$1,503/moAssumed loan: $991/mo
Gap financing: $512/mo
$388less per month with the assumable
Your Savings on This Property
12824 Ironstone Way, Parker · 3.31% FHA vs 6.5% conventional
$388
per month
$4,660
per year
$139,796
over 30 years
$139,796
interest saved
How gap financing works: The equity gap ($88,978) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,750, 5% of purchase price) and a second mortgage for the rest ($73,228 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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