Loan Comparison: 2.83% vs 6.5%
6186 Flower Street, Arvada, CO 80004 · 4bd/2ba · $639,500
List Price
$639,500
Assumable Rate
2.83%
Remaining Balance
$390,401
Equity Gap
$249,098
Loan Type
FHAAdjust Your Scenario
$31,975
$31,975$249,098
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,840/moAssumable @ 2.83% + gap loan
$3,129/moAssumed loan: $1,610/mo
Gap financing: $1,518/mo
$711less per month with the assumable
Your Savings on This Property
6186 Flower Street, Arvada · 2.83% FHA vs 6.5% conventional
$711
per month
$8,537
per year
$256,121
over 30 years
$256,120
interest saved
How gap financing works: The equity gap ($249,098) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,975, 5% of purchase price) and a second mortgage for the rest ($217,123 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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