Loan Comparison: 2.93% vs 6.5%
576 Tanager Street, Brighton, CO 80602 · 5bd/5ba · $375,000
List Price
$375,000
Assumable Rate
2.93%
Remaining Balance
$215,364
Equity Gap
$159,636
Loan Type
FHAAdjust Your Scenario
$18,750
$18,750$159,636
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.93% (FHA)
Blended Rate: 4.74%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 2.93% + gap loan
$1,885/moAssumed loan: $900/mo
Gap financing: $985/mo
$367less per month with the assumable
Your Savings on This Property
576 Tanager Street, Brighton · 2.93% FHA vs 6.5% conventional
$367
per month
$4,401
per year
$132,039
over 30 years
$132,039
interest saved
How gap financing works: The equity gap ($159,636) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($140,886 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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