Loan Comparison: 2.81% vs 6.5%
12826 Mayfair Way, Englewood, CO 80112 · 4bd/4ba · $450,000
List Price
$450,000
Assumable Rate
2.81%
Remaining Balance
$289,334
Equity Gap
$160,666
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$160,666
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.81% + gap loan
$2,156/moAssumed loan: $1,190/mo
Gap financing: $966/mo
$546less per month with the assumable
Your Savings on This Property
12826 Mayfair Way, Englewood · 2.81% FHA vs 6.5% conventional
$546
per month
$6,547
per year
$196,422
over 30 years
$196,422
interest saved
How gap financing works: The equity gap ($160,666) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($138,166 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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