Loan Comparison: 2.9% vs 6.5%
16534 Fire Fly, Parker, CO 80134 · 4bd/4ba · $735,000
List Price
$735,000
Assumable Rate
2.9%
Remaining Balance
$514,308
Equity Gap
$220,692
Loan Type
FHAAdjust Your Scenario
$36,750
$36,750$220,692
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 4.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,413/moAssumable @ 2.9% + gap loan
$3,555/moAssumed loan: $2,141/mo
Gap financing: $1,414/mo
$858less per month with the assumable
Your Savings on This Property
16534 Fire Fly, Parker · 2.9% FHA vs 6.5% conventional
$858
per month
$10,300
per year
$309,008
over 30 years
$309,008
interest saved
How gap financing works: The equity gap ($220,692) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,750, 5% of purchase price) and a second mortgage for the rest ($183,942 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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