Loan Comparison: 2.88% vs 6.5%
6355 143rd, Thornton, CO 80602 · 4bd/4ba · $725,000
List Price
$725,000
Assumable Rate
2.88%
Remaining Balance
$521,358
Equity Gap
$203,642
Loan Type
FHAAdjust Your Scenario
$36,250
$36,250$203,642
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (FHA)
Blended Rate: 4.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,353/moAssumable @ 2.88% + gap loan
$3,452/moAssumed loan: $2,164/mo
Gap financing: $1,287/mo
$902less per month with the assumable
Your Savings on This Property
6355 143rd, Thornton · 2.88% FHA vs 6.5% conventional
$902
per month
$10,822
per year
$324,648
over 30 years
$324,648
interest saved
How gap financing works: The equity gap ($203,642) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,250, 5% of purchase price) and a second mortgage for the rest ($167,392 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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