Loan Comparison: 3.47% vs 6.5%
1222 Madero Street, Broomfield, CO 80020 · 2bd/2ba · $389,000
List Price
$389,000
Assumable Rate
3.47%
Remaining Balance
$253,561
Equity Gap
$135,438
Loan Type
FHAAdjust Your Scenario
$19,450
$19,450$135,438
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (FHA)
Blended Rate: 4.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,336/moAssumable @ 3.47% + gap loan
$1,945/moAssumed loan: $1,134/mo
Gap financing: $811/mo
$390less per month with the assumable
Your Savings on This Property
1222 Madero Street, Broomfield · 3.47% FHA vs 6.5% conventional
$390
per month
$4,685
per year
$140,559
over 30 years
$140,558
interest saved
How gap financing works: The equity gap ($135,438) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,450, 5% of purchase price) and a second mortgage for the rest ($115,988 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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