Loan Comparison: 2.8% vs 6.5%
2891 119th Avenue, Westminster, CO 80229 · 3bd/2ba · $399,900
List Price
$399,900
Assumable Rate
2.8%
Remaining Balance
$327,651
Equity Gap
$72,248
Loan Type
FHAAdjust Your Scenario
$19,995
$19,995$72,248
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (FHA)
Blended Rate: 3.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 2.8% + gap loan
$1,712/moAssumed loan: $1,346/mo
Gap financing: $365/mo
$690less per month with the assumable
Your Savings on This Property
2891 119th Avenue, Westminster · 2.8% FHA vs 6.5% conventional
$690
per month
$8,275
per year
$248,255
over 30 years
$248,254
interest saved
How gap financing works: The equity gap ($72,248) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,995, 5% of purchase price) and a second mortgage for the rest ($52,253 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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