Loan Comparison: 2.74% vs 6.5%
16746 Beaumont, Mead, CO 80542 · 4bd/3ba · $565,000
List Price
$565,000
Assumable Rate
2.74%
Remaining Balance
$342,025
Equity Gap
$222,974
Loan Type
FHAAdjust Your Scenario
$28,250
$28,250$222,974
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 2.74% + gap loan
$2,892/moAssumed loan: $1,394/mo
Gap financing: $1,497/mo
$501less per month with the assumable
Your Savings on This Property
16746 Beaumont, Mead · 2.74% FHA vs 6.5% conventional
$501
per month
$6,011
per year
$180,320
over 30 years
$180,319
interest saved
How gap financing works: The equity gap ($222,974) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,250, 5% of purchase price) and a second mortgage for the rest ($194,724 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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