Loan Comparison: 2.8% vs 6.5%
15865 Josephine Circle, Thornton, CO 80602 · 5bd/5ba · $520,000
List Price
$520,000
Assumable Rate
2.8%
Remaining Balance
$279,782
Equity Gap
$240,218
Loan Type
FHAAdjust Your Scenario
$26,000
$26,000$240,218
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (FHA)
Blended Rate: 4.84%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,122/moAssumable @ 2.8% + gap loan
$2,647/moAssumed loan: $1,150/mo
Gap financing: $1,498/mo
$475less per month with the assumable
Your Savings on This Property
15865 Josephine Circle, Thornton · 2.8% FHA vs 6.5% conventional
$475
per month
$5,700
per year
$170,987
over 30 years
$170,987
interest saved
How gap financing works: The equity gap ($240,218) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,000, 5% of purchase price) and a second mortgage for the rest ($214,218 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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