Loan Comparison: 2.9% vs 6.5%
3595 89th Avenue, Thornton, CO 80229 · 3bd/2ba · $475,000
List Price
$475,000
Assumable Rate
2.9%
Remaining Balance
$310,735
Equity Gap
$164,265
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$164,265
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 4.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 2.9% + gap loan
$2,276/moAssumed loan: $1,293/mo
Gap financing: $983/mo
$576less per month with the assumable
Your Savings on This Property
3595 89th Avenue, Thornton · 2.9% FHA vs 6.5% conventional
$576
per month
$6,916
per year
$207,480
over 30 years
$207,480
interest saved
How gap financing works: The equity gap ($164,265) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($140,515 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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