Loan Comparison: 2.81% vs 6.5%
12886 Ironstone, Parker, CO 80134 · 2bd/1ba · $299,000
List Price
$299,000
Assumable Rate
2.81%
Remaining Balance
$257,098
Equity Gap
$83,552
Loan Type
FHAAdjust Your Scenario
$14,950
$14,950$83,552
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,795/moAssumable @ 2.81% + gap loan
$1,585/moAssumed loan: $1,058/mo
Gap financing: $527/mo
$210less per month with the assumable
Your Savings on This Property
12886 Ironstone, Parker · 2.81% FHA vs 6.5% conventional
$210
per month
$2,522
per year
$75,647
over 30 years
$117,297
interest saved
How gap financing works: The equity gap ($83,552) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,950, 5% of purchase price) and a second mortgage for the rest ($68,602 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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