Loan Comparison: 2.96% vs 6.5%
221 Terra Vista Street, Brighton, CO 80601 · 2bd/2ba · $499,900
List Price
$499,900
Assumable Rate
2.96%
Remaining Balance
$440,522
Equity Gap
$59,377
Loan Type
FHAAdjust Your Scenario
$24,995
$24,995$59,377
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.96% + gap loan
$2,088/moAssumed loan: $1,848/mo
Gap financing: $240/mo
$914less per month with the assumable
Your Savings on This Property
221 Terra Vista Street, Brighton · 2.96% FHA vs 6.5% conventional
$914
per month
$10,963
per year
$328,878
over 30 years
$328,877
interest saved
How gap financing works: The equity gap ($59,377) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,995, 5% of purchase price) and a second mortgage for the rest ($34,382 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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