Loan Comparison: 2.83% vs 6.5%
2907 Euclid, Centennial, CO 80121 · 5bd/3ba · $830,000
List Price
$830,000
Assumable Rate
2.83%
Remaining Balance
$417,725
Equity Gap
$412,275
Loan Type
FHAAdjust Your Scenario
$41,500
$41,500$412,275
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 5.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,984/moAssumable @ 2.83% + gap loan
$4,574/moAssumed loan: $1,723/mo
Gap financing: $2,851/mo
$410less per month with the assumable
Your Savings on This Property
2907 Euclid, Centennial · 2.83% FHA vs 6.5% conventional
$410
per month
$4,918
per year
$147,542
over 30 years
$147,542
interest saved
How gap financing works: The equity gap ($412,275) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($41,500, 5% of purchase price) and a second mortgage for the rest ($370,775 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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