Loan Comparison: 3.61% vs 6.5%
1050 Russell Boulevard, Thornton, CO 80229 · 4bd/2ba · $415,000
List Price
$415,000
Assumable Rate
3.61%
Remaining Balance
$194,066
Equity Gap
$220,934
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$220,934
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (FHA)
Blended Rate: 5.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.61% + gap loan
$2,283/moAssumed loan: $883/mo
Gap financing: $1,400/mo
$209less per month with the assumable
Your Savings on This Property
1050 Russell Boulevard, Thornton · 3.61% FHA vs 6.5% conventional
$209
per month
$2,506
per year
$75,171
over 30 years
$75,171
interest saved
How gap financing works: The equity gap ($220,934) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($200,184 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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