Loan Comparison: 2.96% vs 6.5%
7724 Hoyt Street, Littleton, CO 80128 · 2bd/2ba · $595,000
List Price
$595,000
Assumable Rate
2.96%
Remaining Balance
$442,266
Equity Gap
$152,733
Loan Type
FHAAdjust Your Scenario
$29,750
$29,750$152,733
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,573/moAssumable @ 2.96% + gap loan
$2,715/moAssumed loan: $1,855/mo
Gap financing: $860/mo
$858less per month with the assumable
Your Savings on This Property
7724 Hoyt Street, Littleton · 2.96% FHA vs 6.5% conventional
$858
per month
$10,293
per year
$308,796
over 30 years
$308,795
interest saved
How gap financing works: The equity gap ($152,733) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,750, 5% of purchase price) and a second mortgage for the rest ($122,983 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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