Loan Comparison: 6.35% vs 6.5%
13418 Wabash Street, Brighton, CO 80602 · 2bd/3ba · $630,000
List Price
$630,000
Assumable Rate
6.35%
Remaining Balance
$585,355
Equity Gap
$44,645
Loan Type
FHAAdjust Your Scenario
$31,500
$31,500$44,645
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.35% (FHA)
Blended Rate: 6.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,783/moAssumable @ 6.35% + gap loan
$3,734/moAssumed loan: $3,642/mo
Gap financing: $92/mo
$49less per month with the assumable
Your Savings on This Property
13418 Wabash Street, Brighton · 6.35% FHA vs 6.5% conventional
$49
per month
$585
per year
$17,542
over 30 years
$17,542
interest saved
How gap financing works: The equity gap ($44,645) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,500, 5% of purchase price) and a second mortgage for the rest ($13,145 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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