Loan Comparison: 2.96% vs 6.5%
512 Tumbleweed, Brighton, CO 80601 · 3bd/2ba · $555,000
List Price
$555,000
Assumable Rate
2.96%
Remaining Balance
$473,678
Equity Gap
$79,243
Loan Type
FHAAdjust Your Scenario
$27,750
$27,750$79,243
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,333/moAssumable @ 2.96% + gap loan
$2,383/moAssumed loan: $1,987/mo
Gap financing: $396/mo
$950less per month with the assumable
Your Savings on This Property
512 Tumbleweed, Brighton · 2.96% FHA vs 6.5% conventional
$950
per month
$11,398
per year
$341,928
over 30 years
$339,849
interest saved
How gap financing works: The equity gap ($79,243) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,750, 5% of purchase price) and a second mortgage for the rest ($51,493 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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