Loan Comparison: 2.97% vs 6.5%
12039 Forest Street, Thornton, CO 80241 · 5bd/5ba · $449,000
List Price
$449,000
Assumable Rate
2.97%
Remaining Balance
$241,127
Equity Gap
$207,872
Loan Type
FHAAdjust Your Scenario
$22,450
$22,450$207,872
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.97% (FHA)
Blended Rate: 4.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,696/moAssumable @ 2.97% + gap loan
$2,309/moAssumed loan: $1,013/mo
Gap financing: $1,296/mo
$387less per month with the assumable
Your Savings on This Property
12039 Forest Street, Thornton · 2.97% FHA vs 6.5% conventional
$387
per month
$4,643
per year
$139,278
over 30 years
$139,277
interest saved
How gap financing works: The equity gap ($207,872) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,450, 5% of purchase price) and a second mortgage for the rest ($185,422 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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