Loan Comparison: 3.1% vs 6.5%
295 Chipeta Way, Brighton, CO 80603 · 3bd/3ba · $499,000
List Price
$499,000
Assumable Rate
3.1%
Remaining Balance
$457,302
Equity Gap
$41,697
Loan Type
FHAAdjust Your Scenario
$24,950
$24,950$41,697
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,996/moAssumable @ 3.1% + gap loan
$2,070/moAssumed loan: $1,953/mo
Gap financing: $117/mo
$926less per month with the assumable
Your Savings on This Property
295 Chipeta Way, Brighton · 3.1% FHA vs 6.5% conventional
$926
per month
$11,118
per year
$333,528
over 30 years
$333,527
interest saved
How gap financing works: The equity gap ($41,697) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,950, 5% of purchase price) and a second mortgage for the rest ($16,747 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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