Loan Comparison: 2.88% vs 6.5%
12139 Clay Street, Westminster, CO 80234 · 4bd/4ba · $995,000
List Price
$995,000
Assumable Rate
2.88%
Remaining Balance
$502,758
Equity Gap
$492,241
Loan Type
FHAAdjust Your Scenario
$49,750
$49,750$492,241
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (FHA)
Blended Rate: 5.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,975/moAssumable @ 2.88% + gap loan
$5,181/moAssumed loan: $2,087/mo
Gap financing: $3,094/mo
$793less per month with the assumable
Your Savings on This Property
12139 Clay Street, Westminster · 2.88% FHA vs 6.5% conventional
$793
per month
$9,521
per year
$285,629
over 30 years
$285,628
interest saved
How gap financing works: The equity gap ($492,241) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($49,750, 5% of purchase price) and a second mortgage for the rest ($442,491 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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