Loan Comparison: 2.84% vs 6.5%
11056 62nd, Arvada, CO 80004 · 4bd/2ba · $665,000
List Price
$665,000
Assumable Rate
2.84%
Remaining Balance
$518,945
Equity Gap
$216,048
Loan Type
FHAAdjust Your Scenario
$33,250
$33,250$216,048
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 4.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,993/moAssumable @ 2.84% + gap loan
$3,549/moAssumed loan: $2,143/mo
Gap financing: $1,406/mo
$444less per month with the assumable
Your Savings on This Property
11056 62nd, Arvada · 2.84% FHA vs 6.5% conventional
$444
per month
$5,330
per year
$159,899
over 30 years
$229,892
interest saved
How gap financing works: The equity gap ($216,048) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,250, 5% of purchase price) and a second mortgage for the rest ($182,798 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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