Loan Comparison: 3.07% vs 6.5%
10176 Quivas Street, Thornton, CO 80260 · 1bd/1ba · $360,000
List Price
$360,000
Assumable Rate
3.07%
Remaining Balance
$339,340
Equity Gap
$20,660
Loan Type
FHAAdjust Your Scenario
$18,000
$18,000$20,660
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 3.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 3.07% + gap loan
$1,462/moAssumed loan: $1,444/mo
Gap financing: $19/mo
$700less per month with the assumable
Your Savings on This Property
10176 Quivas Street, Thornton · 3.07% FHA vs 6.5% conventional
$700
per month
$8,395
per year
$251,841
over 30 years
$251,841
interest saved
How gap financing works: The equity gap ($20,660) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,000, 5% of purchase price) and a second mortgage for the rest ($2,660 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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