Loan Comparison: 3.89% vs 6.5%
8798 Chase Drive, Arvada, CO 80003 · 3bd/2ba · $274,000
List Price
$274,000
Assumable Rate
3.89%
Remaining Balance
$214,966
Equity Gap
$59,034
Loan Type
FHAAdjust Your Scenario
$13,700
$13,700$59,034
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.89% (FHA)
Blended Rate: 4.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,645/moAssumable @ 3.89% + gap loan
$1,330/moAssumed loan: $1,013/mo
Gap financing: $317/mo
$316less per month with the assumable
Your Savings on This Property
8798 Chase Drive, Arvada · 3.89% FHA vs 6.5% conventional
$316
per month
$3,787
per year
$113,615
over 30 years
$113,615
interest saved
How gap financing works: The equity gap ($59,034) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,700, 5% of purchase price) and a second mortgage for the rest ($45,334 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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