Loan Comparison: 2.88% vs 6.5%
10623 Grove Court, Westminster, CO 80260 · 4bd/4ba · $590,000
List Price
$590,000
Assumable Rate
2.88%
Remaining Balance
$379,205
Equity Gap
$210,794
Loan Type
FHAAdjust Your Scenario
$29,500
$29,500$210,794
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (FHA)
Blended Rate: 4.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,543/moAssumable @ 2.88% + gap loan
$2,842/moAssumed loan: $1,574/mo
Gap financing: $1,268/mo
$701less per month with the assumable
Your Savings on This Property
10623 Grove Court, Westminster · 2.88% FHA vs 6.5% conventional
$701
per month
$8,410
per year
$252,288
over 30 years
$252,287
interest saved
How gap financing works: The equity gap ($210,794) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,500, 5% of purchase price) and a second mortgage for the rest ($181,294 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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