Loan Comparison: 6.34% vs 6.5%
15780 Elmira Street, Brighton, CO 80640 · 3bd/3ba · $735,000
List Price
$735,000
Assumable Rate
6.34%
Remaining Balance
$639,060
Equity Gap
$95,939
Loan Type
FHAAdjust Your Scenario
$36,750
$36,750$95,939
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.34% (FHA)
Blended Rate: 6.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,413/moAssumable @ 6.34% + gap loan
$4,386/moAssumed loan: $3,972/mo
Gap financing: $414/mo
$27less per month with the assumable
Your Savings on This Property
15780 Elmira Street, Brighton · 6.34% FHA vs 6.5% conventional
$27
per month
$327
per year
$9,818
over 30 years
$9,817
interest saved
How gap financing works: The equity gap ($95,939) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,750, 5% of purchase price) and a second mortgage for the rest ($59,189 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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