Loan Comparison: 2.74% vs 6.5%
12882 Crane River Drive, Firestone, CO 80504 · 4bd/3ba · $569,000
List Price
$569,000
Assumable Rate
2.74%
Remaining Balance
$381,211
Equity Gap
$187,789
Loan Type
FHAAdjust Your Scenario
$28,450
$28,450$187,789
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,417/moAssumable @ 2.74% + gap loan
$2,668/moAssumed loan: $1,554/mo
Gap financing: $1,114/mo
$748less per month with the assumable
Your Savings on This Property
12882 Crane River Drive, Firestone · 2.74% FHA vs 6.5% conventional
$748
per month
$8,979
per year
$269,381
over 30 years
$269,381
interest saved
How gap financing works: The equity gap ($187,789) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,450, 5% of purchase price) and a second mortgage for the rest ($159,339 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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