Loan Comparison: 2.78% vs 6.5%
12536 Albion Street, Thornton, CO 80241 · 3bd/2ba · $614,900
List Price
$614,900
Assumable Rate
2.78%
Remaining Balance
$463,254
Equity Gap
$151,646
Loan Type
FHAAdjust Your Scenario
$30,745
$30,745$151,646
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.78% (FHA)
Blended Rate: 3.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,692/moAssumable @ 2.78% + gap loan
$2,744/moAssumed loan: $1,899/mo
Gap financing: $845/mo
$948less per month with the assumable
Your Savings on This Property
12536 Albion Street, Thornton · 2.78% FHA vs 6.5% conventional
$948
per month
$11,380
per year
$341,401
over 30 years
$341,401
interest saved
How gap financing works: The equity gap ($151,646) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,745, 5% of purchase price) and a second mortgage for the rest ($120,901 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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