Loan Comparison: 2.89% vs 6.5%
12704 Forest Street, Thornton, CO 80241 · 3bd/3ba · $407,000
List Price
$407,000
Assumable Rate
2.89%
Remaining Balance
$277,938
Equity Gap
$129,061
Loan Type
FHAAdjust Your Scenario
$20,350
$20,350$129,061
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,444/moAssumable @ 2.89% + gap loan
$1,915/moAssumed loan: $1,155/mo
Gap financing: $760/mo
$528less per month with the assumable
Your Savings on This Property
12704 Forest Street, Thornton · 2.89% FHA vs 6.5% conventional
$528
per month
$6,341
per year
$190,222
over 30 years
$190,221
interest saved
How gap financing works: The equity gap ($129,061) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,350, 5% of purchase price) and a second mortgage for the rest ($108,711 at 7.5%). 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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