Loan Comparison: 2.88% vs 6.5%
17077 63rd Drive, Arvada, CO 80229 · 3bd/2ba · $635,000
List Price
$635,000
Assumable Rate
2.88%
Remaining Balance
$369,482
Equity Gap
$265,518
Loan Type
FHAAdjust Your Scenario
$31,750
$31,750$265,518
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (FHA)
Blended Rate: 4.67%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,813/moAssumable @ 2.88% + gap loan
$3,168/moAssumed loan: $1,534/mo
Gap financing: $1,635/mo
$644less per month with the assumable
Your Savings on This Property
17077 63rd Drive, Arvada · 2.88% FHA vs 6.5% conventional
$644
per month
$7,734
per year
$232,009
over 30 years
$232,009
interest saved
How gap financing works: The equity gap ($265,518) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,750, 5% of purchase price) and a second mortgage for the rest ($233,768 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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