Loan Comparison: 2.74% vs 6.5%
10818 Summerset, Parker, CO 80138 · 2bd/1ba · $345,000
List Price
$345,000
Assumable Rate
2.74%
Remaining Balance
$214,783
Equity Gap
$130,217
Loan Type
FHAAdjust Your Scenario
$17,250
$17,250$130,217
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,072/moAssumable @ 2.74% + gap loan
$1,744/moAssumed loan: $876/mo
Gap financing: $869/mo
$327less per month with the assumable
Your Savings on This Property
10818 Summerset, Parker · 2.74% FHA vs 6.5% conventional
$327
per month
$3,927
per year
$117,824
over 30 years
$117,824
interest saved
How gap financing works: The equity gap ($130,217) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,250, 5% of purchase price) and a second mortgage for the rest ($112,967 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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