Loan Comparison: 2.94% vs 6.5%
13680 Spruce Street, Thornton, CO 80602 · 4bd/5ba · $710,000
List Price
$710,000
Assumable Rate
2.94%
Remaining Balance
$481,126
Equity Gap
$228,874
Loan Type
FHAAdjust Your Scenario
$35,500
$35,500$228,874
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 4.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,263/moAssumable @ 2.94% + gap loan
$3,365/moAssumed loan: $2,013/mo
Gap financing: $1,352/mo
$898less per month with the assumable
Your Savings on This Property
13680 Spruce Street, Thornton · 2.94% FHA vs 6.5% conventional
$898
per month
$10,779
per year
$323,384
over 30 years
$323,384
interest saved
How gap financing works: The equity gap ($228,874) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,500, 5% of purchase price) and a second mortgage for the rest ($193,374 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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