Loan Comparison: 5.23% vs 6.5%
9908 Grove Way, Westminster, CO 80031 · 3bd/3ba · $450,000
List Price
$450,000
Assumable Rate
5.23%
Remaining Balance
$414,754
Equity Gap
$35,246
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$35,246
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 5.23% + gap loan
$2,374/moAssumed loan: $2,285/mo
Gap financing: $89/mo
$328less per month with the assumable
Your Savings on This Property
9908 Grove Way, Westminster · 5.23% FHA vs 6.5% conventional
$328
per month
$3,934
per year
$118,014
over 30 years
$118,014
interest saved
How gap financing works: The equity gap ($35,246) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($12,746 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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