Loan Comparison: 2.98% vs 6.5%
3170 94th Avenue, Westminster, CO 80031 · 3bd/2ba · $489,900
List Price
$489,900
Assumable Rate
2.98%
Remaining Balance
$393,569
Equity Gap
$96,331
Loan Type
FHAAdjust Your Scenario
$24,495
$24,495$96,331
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.68%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 2.98% + gap loan
$2,157/moAssumed loan: $1,655/mo
Gap financing: $502/mo
$784less per month with the assumable
Your Savings on This Property
3170 94th Avenue, Westminster · 2.98% FHA vs 6.5% conventional
$784
per month
$9,412
per year
$282,358
over 30 years
$282,358
interest saved
How gap financing works: The equity gap ($96,331) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,495, 5% of purchase price) and a second mortgage for the rest ($71,836 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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