Loan Comparison: 2.89% vs 6.5%
12175 Bellaire Street, Thornton, CO 80022 · 4bd/5ba · $415,000
List Price
$415,000
Assumable Rate
2.89%
Remaining Balance
$253,801
Equity Gap
$161,198
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$161,198
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 2.89% + gap loan
$2,037/moAssumed loan: $1,055/mo
Gap financing: $982/mo
$455less per month with the assumable
Your Savings on This Property
12175 Bellaire Street, Thornton · 2.89% FHA vs 6.5% conventional
$455
per month
$5,458
per year
$163,749
over 30 years
$163,748
interest saved
How gap financing works: The equity gap ($161,198) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($140,448 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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