Loan Comparison: 3.02% vs 6.5%
2969 81st Avenue, Westminster, CO 80031 · 3bd/4ba · $325,000
List Price
$325,000
Assumable Rate
3.02%
Remaining Balance
$238,988
Equity Gap
$86,012
Loan Type
FHAAdjust Your Scenario
$16,250
$16,250$86,012
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 4.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,952/moAssumable @ 3.02% + gap loan
$1,498/moAssumed loan: $1,010/mo
Gap financing: $488/mo
$454less per month with the assumable
Your Savings on This Property
2969 81st Avenue, Westminster · 3.02% FHA vs 6.5% conventional
$454
per month
$5,443
per year
$163,282
over 30 years
$163,282
interest saved
How gap financing works: The equity gap ($86,012) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,250, 5% of purchase price) and a second mortgage for the rest ($69,762 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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