Loan Comparison: 2.81% vs 6.5%
4180 80th Place, Westminster, CO 80031 · 3bd/2ba · $490,000
List Price
$490,000
Assumable Rate
2.81%
Remaining Balance
$341,501
Equity Gap
$148,499
Loan Type
FHAAdjust Your Scenario
$24,500
$24,500$148,499
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 2.81% + gap loan
$2,272/moAssumed loan: $1,405/mo
Gap financing: $867/mo
$670less per month with the assumable
Your Savings on This Property
4180 80th Place, Westminster · 2.81% FHA vs 6.5% conventional
$670
per month
$8,043
per year
$241,284
over 30 years
$241,284
interest saved
How gap financing works: The equity gap ($148,499) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($123,999 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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