Loan Comparison: 3.08% vs 6.5%
7229 Iris, Littleton, CO 80128 · 5bd/4ba · $629,000
List Price
$629,000
Assumable Rate
3.08%
Remaining Balance
$490,606
Equity Gap
$137,323
Loan Type
FHAAdjust Your Scenario
$31,450
$31,450$137,323
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (FHA)
Blended Rate: 4.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,777/moAssumable @ 3.08% + gap loan
$2,904/moAssumed loan: $2,090/mo
Gap financing: $814/mo
$873less per month with the assumable
Your Savings on This Property
7229 Iris, Littleton · 3.08% FHA vs 6.5% conventional
$873
per month
$10,478
per year
$314,355
over 30 years
$313,284
interest saved
How gap financing works: The equity gap ($137,323) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,450, 5% of purchase price) and a second mortgage for the rest ($105,873 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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