Loan Comparison: 5.22% vs 6.5%
846 Mockingbird, Brighton, CO 80601 · 3bd/2ba · $385,000
List Price
$385,000
Assumable Rate
5.22%
Remaining Balance
$358,501
Equity Gap
$26,499
Loan Type
FHAAdjust Your Scenario
$19,250
$19,250$26,499
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (FHA)
Blended Rate: 5.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 5.22% + gap loan
$2,029/moAssumed loan: $1,973/mo
Gap financing: $56/mo
$283less per month with the assumable
Your Savings on This Property
846 Mockingbird, Brighton · 5.22% FHA vs 6.5% conventional
$283
per month
$3,397
per year
$101,898
over 30 years
$101,898
interest saved
How gap financing works: The equity gap ($26,499) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($7,249 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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