Loan Comparison: 2.87% vs 6.5%
857 Morning Glory, Brighton, CO 80640 · 3bd/3ba · $474,900
List Price
$474,900
Assumable Rate
2.87%
Remaining Balance
$416,553
Equity Gap
$58,347
Loan Type
FHAAdjust Your Scenario
$23,745
$23,745$58,347
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 2.87% + gap loan
$1,993/moAssumed loan: $1,727/mo
Gap financing: $266/mo
$858less per month with the assumable
Your Savings on This Property
857 Morning Glory, Brighton · 2.87% FHA vs 6.5% conventional
$858
per month
$10,301
per year
$309,029
over 30 years
$309,029
interest saved
How gap financing works: The equity gap ($58,347) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,745, 5% of purchase price) and a second mortgage for the rest ($34,602 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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