Loan Comparison: 2.83% vs 6.5%
8400 Upham Way, Littleton, CO 80128 · 3bd/3ba · $285,000
List Price
$285,000
Assumable Rate
2.83%
Remaining Balance
$220,360
Equity Gap
$64,639
Loan Type
FHAAdjust Your Scenario
$14,250
$14,250$64,639
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 3.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,711/moAssumable @ 2.83% + gap loan
$1,261/moAssumed loan: $909/mo
Gap financing: $352/mo
$450less per month with the assumable
Your Savings on This Property
8400 Upham Way, Littleton · 2.83% FHA vs 6.5% conventional
$450
per month
$5,400
per year
$162,011
over 30 years
$162,010
interest saved
How gap financing works: The equity gap ($64,639) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,250, 5% of purchase price) and a second mortgage for the rest ($50,389 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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