Loan Comparison: 2.83% vs 6.5%
204 Straw Court, Brighton, CO 80241 · 3bd/3ba · $450,000
List Price
$450,000
Assumable Rate
2.83%
Remaining Balance
$318,378
Equity Gap
$131,622
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$131,622
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.83% + gap loan
$2,076/moAssumed loan: $1,313/mo
Gap financing: $763/mo
$626less per month with the assumable
Your Savings on This Property
204 Straw Court, Brighton · 2.83% FHA vs 6.5% conventional
$626
per month
$7,510
per year
$225,293
over 30 years
$225,293
interest saved
How gap financing works: The equity gap ($131,622) 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 ($109,122 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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