Loan Comparison: 2.81% vs 6.5%
1902 116th Place, Northglenn, CO 80233 · 3bd/3ba · $411,000
List Price
$411,000
Assumable Rate
2.81%
Remaining Balance
$287,990
Equity Gap
$123,009
Loan Type
FHAAdjust Your Scenario
$20,550
$20,550$123,009
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,468/moAssumable @ 2.81% + gap loan
$1,901/moAssumed loan: $1,185/mo
Gap financing: $716/mo
$567less per month with the assumable
Your Savings on This Property
1902 116th Place, Northglenn · 2.81% FHA vs 6.5% conventional
$567
per month
$6,800
per year
$203,989
over 30 years
$203,988
interest saved
How gap financing works: The equity gap ($123,009) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,550, 5% of purchase price) and a second mortgage for the rest ($102,459 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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