Loan Comparison: 2.89% vs 6.5%
8376 Upham Way, Littleton, CO 80128 · 2bd/1ba · $290,000
List Price
$290,000
Assumable Rate
2.89%
Remaining Balance
$227,396
Equity Gap
$62,604
Loan Type
FHAAdjust Your Scenario
$14,500
$14,500$62,604
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 3.69%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,741/moAssumable @ 2.89% + gap loan
$1,282/moAssumed loan: $945/mo
Gap financing: $336/mo
$460less per month with the assumable
Your Savings on This Property
8376 Upham Way, Littleton · 2.89% FHA vs 6.5% conventional
$460
per month
$5,517
per year
$165,501
over 30 years
$165,501
interest saved
How gap financing works: The equity gap ($62,604) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,500, 5% of purchase price) and a second mortgage for the rest ($48,104 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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