Loan Comparison: 2.74% vs 6.5%
405 Iris Street, Brighton, CO 80601 · 4bd/3ba · $682,900
List Price
$682,900
Assumable Rate
2.74%
Remaining Balance
$399,806
Equity Gap
$283,094
Loan Type
FHAAdjust Your Scenario
$34,145
$34,145$283,094
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.57%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,101/moAssumable @ 2.74% + gap loan
$3,371/moAssumed loan: $1,630/mo
Gap financing: $1,741/mo
$730less per month with the assumable
Your Savings on This Property
405 Iris Street, Brighton · 2.74% FHA vs 6.5% conventional
$730
per month
$8,758
per year
$262,739
over 30 years
$262,739
interest saved
How gap financing works: The equity gap ($283,094) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,145, 5% of purchase price) and a second mortgage for the rest ($248,949 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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