Loan Comparison: 4.38% vs 6.5%
12509 Glencoe Street, Thornton, CO 80241 · 4bd/3ba · $610,000
List Price
$610,000
Assumable Rate
4.38%
Remaining Balance
$392,356
Equity Gap
$217,644
Loan Type
FHAAdjust Your Scenario
$30,500
$30,500$217,644
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.38% (FHA)
Blended Rate: 5.39%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,663/moAssumable @ 4.38% + gap loan
$3,269/moAssumed loan: $1,960/mo
Gap financing: $1,309/mo
$394less per month with the assumable
Your Savings on This Property
12509 Glencoe Street, Thornton · 4.38% FHA vs 6.5% conventional
$394
per month
$4,730
per year
$141,899
over 30 years
$141,899
interest saved
How gap financing works: The equity gap ($217,644) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,500, 5% of purchase price) and a second mortgage for the rest ($187,144 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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