Loan Comparison: 3.02% vs 6.5%
6750 54th Place, Arvada, CO 80002 · 2bd/1ba · $515,000
List Price
$515,000
Assumable Rate
3.02%
Remaining Balance
$166,199
Equity Gap
$348,800
Loan Type
FHAAdjust Your Scenario
$25,750
$25,750$348,800
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 5.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,092/moAssumable @ 3.02% + gap loan
$2,961/moAssumed loan: $702/mo
Gap financing: $2,259/mo
$131less per month with the assumable
Your Savings on This Property
6750 54th Place, Arvada · 3.02% FHA vs 6.5% conventional
$131
per month
$1,573
per year
$47,190
over 30 years
$47,189
interest saved
How gap financing works: The equity gap ($348,800) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,750, 5% of purchase price) and a second mortgage for the rest ($323,050 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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