Loan Comparison: 2.96% vs 6.5%
506 Prairie, Brighton, CO 80603 · 3bd/2ba · $394,900
List Price
$394,900
Assumable Rate
2.96%
Remaining Balance
$198,483
Equity Gap
$195,980
Loan Type
FHAAdjust Your Scenario
$19,745
$19,745$195,980
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 5.57%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,371/moAssumable @ 2.96% + gap loan
$2,188/moAssumed loan: $833/mo
Gap financing: $1,355/mo
$184less per month with the assumable
Your Savings on This Property
506 Prairie, Brighton · 2.96% FHA vs 6.5% conventional
$184
per month
$2,203
per year
$66,097
over 30 years
$65,660
interest saved
How gap financing works: The equity gap ($195,980) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,745, 5% of purchase price) and a second mortgage for the rest ($176,235 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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