Loan Comparison: 3.1% vs 6.5%
16335 62nd, Arvada, CO 80403 · 2bd/3ba · $509,000
List Price
$509,000
Assumable Rate
3.1%
Remaining Balance
$391,103
Equity Gap
$117,897
Loan Type
FHAAdjust Your Scenario
$25,450
$25,450$117,897
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 4.13%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,056/moAssumable @ 3.1% + gap loan
$2,381/moAssumed loan: $1,670/mo
Gap financing: $711/mo
$675less per month with the assumable
Your Savings on This Property
16335 62nd, Arvada · 3.1% FHA vs 6.5% conventional
$675
per month
$8,105
per year
$243,163
over 30 years
$243,163
interest saved
How gap financing works: The equity gap ($117,897) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,450, 5% of purchase price) and a second mortgage for the rest ($92,447 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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