Loan Comparison: 2.68% vs 6.5%
6303 Prescott Street, Littleton, CO 80120 · 3bd/2ba · $530,000
List Price
$530,000
Assumable Rate
2.68%
Remaining Balance
$413,147
Equity Gap
$116,852
Loan Type
FHAAdjust Your Scenario
$26,500
$26,500$116,852
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (FHA)
Blended Rate: 3.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 2.68% + gap loan
$2,303/moAssumed loan: $1,671/mo
Gap financing: $632/mo
$879less per month with the assumable
Your Savings on This Property
6303 Prescott Street, Littleton · 2.68% FHA vs 6.5% conventional
$879
per month
$10,552
per year
$316,566
over 30 years
$316,565
interest saved
How gap financing works: The equity gap ($116,852) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,500, 5% of purchase price) and a second mortgage for the rest ($90,352 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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