Loan Comparison: 2.88% vs 6.5%
5141 116th, Thornton, CO 80233 · 5bd/4ba · $561,000
List Price
$561,000
Assumable Rate
2.88%
Remaining Balance
$524,009
Equity Gap
$32,434
Loan Type
FHAAdjust Your Scenario
$28,050
$28,050$32,434
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (FHA)
Blended Rate: 2.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,369/moAssumable @ 2.88% + gap loan
$2,209/moAssumed loan: $2,175/mo
Gap financing: $34/mo
$1,159less per month with the assumable
Your Savings on This Property
5141 116th, Thornton · 2.88% FHA vs 6.5% conventional
$1,159
per month
$13,913
per year
$417,392
over 30 years
$412,835
interest saved
How gap financing works: The equity gap ($32,434) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,050, 5% of purchase price) and a second mortgage for the rest ($4,384 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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