Loan Comparison: 2.87% vs 6.5%
1617 Northcroft Drive, Windsor, CO 80550 · 3bd/3ba · $475,000
List Price
$475,000
Assumable Rate
2.87%
Remaining Balance
$388,654
Equity Gap
$86,345
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$86,345
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.51%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 2.87% + gap loan
$2,049/moAssumed loan: $1,611/mo
Gap financing: $438/mo
$803less per month with the assumable
Your Savings on This Property
1617 Northcroft Drive, Windsor · 2.87% FHA vs 6.5% conventional
$803
per month
$9,637
per year
$289,107
over 30 years
$289,106
interest saved
How gap financing works: The equity gap ($86,345) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($62,595 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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