Loan Comparison: 2.9% vs 6.5%
11214 Gilcrest Street, Parker, CO 80138 · 3bd/3ba · $515,000
List Price
$515,000
Assumable Rate
2.9%
Remaining Balance
$480,535
Equity Gap
$34,465
Loan Type
FHAAdjust Your Scenario
$25,750
$25,750$34,465
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 2.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,092/moAssumable @ 2.9% + gap loan
$2,061/moAssumed loan: $2,000/mo
Gap financing: $61/mo
$1,031less per month with the assumable
Your Savings on This Property
11214 Gilcrest Street, Parker · 2.9% FHA vs 6.5% conventional
$1,031
per month
$12,376
per year
$371,277
over 30 years
$371,277
interest saved
How gap financing works: The equity gap ($34,465) 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 ($8,715 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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