Loan Comparison: 2.89% vs 6.5%
8786 Chase, Arvada, CO 80003 · 2bd/1ba · $300,000
List Price
$300,000
Assumable Rate
2.89%
Remaining Balance
$181,664
Equity Gap
$117,918
Loan Type
FHAAdjust Your Scenario
$15,000
$15,000$117,918
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 2.89% + gap loan
$1,547/moAssumed loan: $755/mo
Gap financing: $791/mo
$255less per month with the assumable
Your Savings on This Property
8786 Chase, Arvada · 2.89% FHA vs 6.5% conventional
$255
per month
$3,059
per year
$91,755
over 30 years
$91,337
interest saved
How gap financing works: The equity gap ($117,918) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,000, 5% of purchase price) and a second mortgage for the rest ($102,918 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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