Loan Comparison: 6.13% vs 6.5%
12240 Farmview Street, Northglenn, CO 80603 · 4bd/3ba · $498,000
List Price
$498,000
Assumable Rate
6.13%
Remaining Balance
$467,519
Equity Gap
$30,481
Loan Type
FHAAdjust Your Scenario
$24,900
$24,900$30,481
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.13% (FHA)
Blended Rate: 6.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,990/moAssumable @ 6.13% + gap loan
$2,881/moAssumed loan: $2,842/mo
Gap financing: $39/mo
$109less per month with the assumable
Your Savings on This Property
12240 Farmview Street, Northglenn · 6.13% FHA vs 6.5% conventional
$109
per month
$1,309
per year
$39,270
over 30 years
$39,270
interest saved
How gap financing works: The equity gap ($30,481) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,900, 5% of purchase price) and a second mortgage for the rest ($5,581 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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