Loan Comparison: 3.23% vs 6.5%
7474 Alkire, Littleton, CO 80127 · 2bd/2ba · $345,000
List Price
$345,000
Assumable Rate
3.23%
Remaining Balance
$277,874
Equity Gap
$99,635
Loan Type
FHAAdjust Your Scenario
$17,250
$17,250$99,635
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 4.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,072/moAssumable @ 3.23% + gap loan
$1,840/moAssumed loan: $1,206/mo
Gap financing: $633/mo
$232less per month with the assumable
Your Savings on This Property
7474 Alkire, Littleton · 3.23% FHA vs 6.5% conventional
$232
per month
$2,782
per year
$83,468
over 30 years
$115,977
interest saved
How gap financing works: The equity gap ($99,635) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,250, 5% of purchase price) and a second mortgage for the rest ($82,385 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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