Loan Comparison: 2.84% vs 6.5%
892 Mockingbird, Brighton, CO 80601 · 2bd/2ba · $359,000
List Price
$359,000
Assumable Rate
2.84%
Remaining Balance
$296,619
Equity Gap
$62,380
Loan Type
FHAAdjust Your Scenario
$17,950
$17,950$62,380
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,156/moAssumable @ 2.84% + gap loan
$1,567/moAssumed loan: $1,225/mo
Gap financing: $342/mo
$589less per month with the assumable
Your Savings on This Property
892 Mockingbird, Brighton · 2.84% FHA vs 6.5% conventional
$589
per month
$7,067
per year
$212,016
over 30 years
$212,015
interest saved
How gap financing works: The equity gap ($62,380) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,950, 5% of purchase price) and a second mortgage for the rest ($44,430 at 8.5%). 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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