Loan Comparison: 2.98% vs 6.5%
19615 Clear Creek, Parker, CO 80134 · 4bd/3ba · $585,000
List Price
$585,000
Assumable Rate
2.98%
Remaining Balance
$460,726
Equity Gap
$124,274
Loan Type
FHAAdjust Your Scenario
$29,250
$29,250$124,274
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,513/moAssumable @ 2.98% + gap loan
$2,668/moAssumed loan: $1,937/mo
Gap financing: $731/mo
$845less per month with the assumable
Your Savings on This Property
19615 Clear Creek, Parker · 2.98% FHA vs 6.5% conventional
$845
per month
$10,135
per year
$304,053
over 30 years
$304,053
interest saved
How gap financing works: The equity gap ($124,274) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,250, 5% of purchase price) and a second mortgage for the rest ($95,024 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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