Loan Comparison: 3.02% vs 6.5%
18984 Oak Creek, Parker, CO 80134 · 4bd/3ba · $680,000
List Price
$680,000
Assumable Rate
3.02%
Remaining Balance
$404,102
Equity Gap
$275,898
Loan Type
FHAAdjust Your Scenario
$34,000
$34,000$275,898
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 5.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,083/moAssumable @ 3.02% + gap loan
$3,568/moAssumed loan: $1,708/mo
Gap financing: $1,860/mo
$515less per month with the assumable
Your Savings on This Property
18984 Oak Creek, Parker · 3.02% FHA vs 6.5% conventional
$515
per month
$6,181
per year
$185,436
over 30 years
$185,436
interest saved
How gap financing works: The equity gap ($275,898) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,000, 5% of purchase price) and a second mortgage for the rest ($241,898 at 8.5%). 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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