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
$340,426
Equity Gap
$224,574
Loan Type
FHAAdjust Your Scenario
$28,250
$28,250$224,574
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 2.74% + gap loan
$2,898/moAssumed loan: $1,388/mo
Gap financing: $1,510/mo
$495less per month with the assumable
Your Savings on This Property
16746 Beaumont, Mead · 2.74% FHA vs 6.5% conventional
$495
per month
$5,941
per year
$178,238
over 30 years
$178,238
interest saved
How gap financing works: The equity gap ($224,574) 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 ($196,324 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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