Loan Comparison: 2.87% vs 6.5%
10818 Cimarron, Firestone, CO 80504 · 2bd/2ba · $380,000
List Price
$380,000
Assumable Rate
2.87%
Remaining Balance
$323,613
Equity Gap
$56,387
Loan Type
FHAAdjust Your Scenario
$19,000
$19,000$56,387
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,282/moAssumable @ 2.87% + gap loan
$1,629/moAssumed loan: $1,342/mo
Gap financing: $287/mo
$653less per month with the assumable
Your Savings on This Property
10818 Cimarron, Firestone · 2.87% FHA vs 6.5% conventional
$653
per month
$7,830
per year
$234,904
over 30 years
$234,904
interest saved
How gap financing works: The equity gap ($56,387) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,000, 5% of purchase price) and a second mortgage for the rest ($37,387 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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