Loan Comparison: 2.99% vs 6.5%
2942 Merlin Drive, Brighton, CO 80601 · 3bd/2ba · $495,000
List Price
$495,000
Assumable Rate
2.99%
Remaining Balance
$382,099
Equity Gap
$112,900
Loan Type
FHAAdjust Your Scenario
$24,750
$24,750$112,900
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (FHA)
Blended Rate: 3.84%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 2.99% + gap loan
$2,225/moAssumed loan: $1,609/mo
Gap financing: $616/mo
$747less per month with the assumable
Your Savings on This Property
2942 Merlin Drive, Brighton · 2.99% FHA vs 6.5% conventional
$747
per month
$8,965
per year
$268,941
over 30 years
$268,940
interest saved
How gap financing works: The equity gap ($112,900) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,750, 5% of purchase price) and a second mortgage for the rest ($88,150 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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