Loan Comparison: 3.1% vs 6.5%
19629 93rd Drive, Arvada, CO 80007 · 2bd/3ba · $400,000
List Price
$400,000
Assumable Rate
3.1%
Remaining Balance
$348,297
Equity Gap
$51,703
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$51,703
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 3.1% + gap loan
$1,709/moAssumed loan: $1,487/mo
Gap financing: $222/mo
$693less per month with the assumable
Your Savings on This Property
19629 93rd Drive, Arvada · 3.1% FHA vs 6.5% conventional
$693
per month
$8,315
per year
$249,444
over 30 years
$249,444
interest saved
How gap financing works: The equity gap ($51,703) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($31,703 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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