Loan Comparison: 3.69% vs 6.5%
2901 102nd Place, Thornton, CO 80226 · 1bd/1ba · $610,000
List Price
$610,000
Assumable Rate
3.69%
Remaining Balance
$490,435
Equity Gap
$119,564
Loan Type
FHAAdjust Your Scenario
$30,500
$30,500$119,564
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.69% (FHA)
Blended Rate: 4.28%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,663/moAssumable @ 3.69% + gap loan
$2,877/moAssumed loan: $2,255/mo
Gap financing: $623/mo
$785less per month with the assumable
Your Savings on This Property
2901 102nd Place, Thornton · 3.69% FHA vs 6.5% conventional
$785
per month
$9,426
per year
$282,769
over 30 years
$282,768
interest saved
How gap financing works: The equity gap ($119,564) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,500, 5% of purchase price) and a second mortgage for the rest ($89,064 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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