Loan Comparison: 2.87% vs 6.5%
8376 Upham Way, Littleton, CO 80128 · 3bd/3ba · $235,000
List Price
$235,000
Assumable Rate
2.87%
Remaining Balance
$161,606
Equity Gap
$73,393
Loan Type
FHAAdjust Your Scenario
$11,750
$11,750$73,393
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 4.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,411/moAssumable @ 2.87% + gap loan
$1,101/moAssumed loan: $670/mo
Gap financing: $431/mo
$310less per month with the assumable
Your Savings on This Property
8376 Upham Way, Littleton · 2.87% FHA vs 6.5% conventional
$310
per month
$3,720
per year
$111,606
over 30 years
$111,605
interest saved
How gap financing works: The equity gap ($73,393) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,750, 5% of purchase price) and a second mortgage for the rest ($61,643 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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