Loan Comparison: 3.61% vs 6.5%
1050 Russell, Thornton, CO 80229 · 3bd/2ba · $420,000
List Price
$420,000
Assumable Rate
3.61%
Remaining Balance
$196,273
Equity Gap
$223,727
Loan Type
FHAAdjust Your Scenario
$21,000
$21,000$223,727
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (FHA)
Blended Rate: 6.09%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,522/moAssumable @ 3.61% + gap loan
$2,452/moAssumed loan: $893/mo
Gap financing: $1,559/mo
$70less per month with the assumable
Your Savings on This Property
1050 Russell, Thornton · 3.61% FHA vs 6.5% conventional
$70
per month
$836
per year
$25,094
over 30 years
$25,094
interest saved
How gap financing works: The equity gap ($223,727) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,000, 5% of purchase price) and a second mortgage for the rest ($202,727 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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