Loan Comparison: 3.06% vs 6.5%
5363 Tall Spruce Street, Brighton, CO 80601 · 3bd/2ba · $515,000
List Price
$515,000
Assumable Rate
3.06%
Remaining Balance
$434,240
Equity Gap
$80,760
Loan Type
FHAAdjust Your Scenario
$25,750
$25,750$80,760
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (FHA)
Blended Rate: 3.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,092/moAssumable @ 3.06% + gap loan
$2,229/moAssumed loan: $1,845/mo
Gap financing: $385/mo
$863less per month with the assumable
Your Savings on This Property
5363 Tall Spruce Street, Brighton · 3.06% FHA vs 6.5% conventional
$863
per month
$10,355
per year
$310,644
over 30 years
$310,644
interest saved
How gap financing works: The equity gap ($80,760) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,750, 5% of purchase price) and a second mortgage for the rest ($55,010 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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