Loan Comparison: 2.81% vs 6.5%
5297 Buttesfield Street, Firestone, CO 80504 · 3bd/3ba · $499,900
List Price
$499,900
Assumable Rate
2.81%
Remaining Balance
$324,839
Equity Gap
$175,061
Loan Type
FHAAdjust Your Scenario
$24,995
$24,995$175,061
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.81% + gap loan
$2,386/moAssumed loan: $1,336/mo
Gap financing: $1,049/mo
$616less per month with the assumable
Your Savings on This Property
5297 Buttesfield Street, Firestone · 2.81% FHA vs 6.5% conventional
$616
per month
$7,392
per year
$221,748
over 30 years
$221,748
interest saved
How gap financing works: The equity gap ($175,061) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,995, 5% of purchase price) and a second mortgage for the rest ($150,066 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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