Loan Comparison: 2.96% vs 6.5%
12304 51st Avenue, Wheat Ridge, CO 80033 · 2bd/3ba · $585,000
List Price
$585,000
Assumable Rate
2.96%
Remaining Balance
$419,154
Equity Gap
$165,846
Loan Type
FHAAdjust Your Scenario
$29,250
$29,250$165,846
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.08%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,513/moAssumable @ 2.96% + gap loan
$2,713/moAssumed loan: $1,758/mo
Gap financing: $955/mo
$799less per month with the assumable
Your Savings on This Property
12304 51st Avenue, Wheat Ridge · 2.96% FHA vs 6.5% conventional
$799
per month
$9,594
per year
$287,812
over 30 years
$287,812
interest saved
How gap financing works: The equity gap ($165,846) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,250, 5% of purchase price) and a second mortgage for the rest ($136,596 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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