Loan Comparison: 2.88% vs 6.5%
12139 Clay, Westminster, CO 80234 · 4bd/3ba · $1,150,000
List Price
$1,150,000
Assumable Rate
2.88%
Remaining Balance
$509,422
Equity Gap
$640,578
Loan Type
FHAAdjust Your Scenario
$57,500
$57,500$640,578
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (FHA)
Blended Rate: 5.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$6,905/moAssumable @ 2.88% + gap loan
$6,598/moAssumed loan: $2,115/mo
Gap financing: $4,483/mo
$307less per month with the assumable
Your Savings on This Property
12139 Clay, Westminster · 2.88% FHA vs 6.5% conventional
$307
per month
$3,685
per year
$110,543
over 30 years
$110,543
interest saved
How gap financing works: The equity gap ($640,578) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($57,500, 5% of purchase price) and a second mortgage for the rest ($583,078 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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