Loan Comparison: 3.02% vs 6.5%
17225 Lark Water, Parker, CO 80134 · 2bd/2ba · $360,000
List Price
$360,000
Assumable Rate
3.02%
Remaining Balance
$265,514
Equity Gap
$94,485
Loan Type
FHAAdjust Your Scenario
$18,000
$18,000$94,485
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 4.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 3.02% + gap loan
$1,710/moAssumed loan: $1,122/mo
Gap financing: $588/mo
$451less per month with the assumable
Your Savings on This Property
17225 Lark Water, Parker · 3.02% FHA vs 6.5% conventional
$451
per month
$5,415
per year
$162,463
over 30 years
$162,462
interest saved
How gap financing works: The equity gap ($94,485) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,000, 5% of purchase price) and a second mortgage for the rest ($76,485 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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