Loan Comparison: 5.22% vs 6.5%
846 Mockingbird, Brighton, CO 80601 · 3bd/2ba · $400,000
List Price
$400,000
Assumable Rate
5.22%
Remaining Balance
$359,019
Equity Gap
$40,980
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$40,980
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (FHA)
Blended Rate: 5.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 5.22% + gap loan
$2,137/moAssumed loan: $1,976/mo
Gap financing: $161/mo
$265less per month with the assumable
Your Savings on This Property
846 Mockingbird, Brighton · 5.22% FHA vs 6.5% conventional
$265
per month
$3,176
per year
$95,288
over 30 years
$95,287
interest saved
How gap financing works: The equity gap ($40,980) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($20,980 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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