Loan Comparison: 2.9% vs 6.5%
15296 66th Drive, Arvada, CO 80007 · 3bd/2ba · $510,000
List Price
$510,000
Assumable Rate
2.9%
Remaining Balance
$479,183
Equity Gap
$30,816
Loan Type
FHAAdjust Your Scenario
$25,500
$25,500$30,816
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 2.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 2.9% + gap loan
$2,032/moAssumed loan: $1,995/mo
Gap financing: $37/mo
$1,031less per month with the assumable
Your Savings on This Property
15296 66th Drive, Arvada · 2.9% FHA vs 6.5% conventional
$1,031
per month
$12,368
per year
$371,051
over 30 years
$371,050
interest saved
How gap financing works: The equity gap ($30,816) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($5,316 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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