Loan Comparison: 5.23% vs 6.5%
2621 98th, Thornton, CO 80229 · 3bd/2ba · $475,000
List Price
$475,000
Assumable Rate
5.23%
Remaining Balance
$328,646
Equity Gap
$145,870
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$145,870
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 6.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 5.23% + gap loan
$2,750/moAssumed loan: $1,811/mo
Gap financing: $939/mo
$102less per month with the assumable
Your Savings on This Property
2621 98th, Thornton · 5.23% FHA vs 6.5% conventional
$102
per month
$1,230
per year
$36,894
over 30 years
$36,410
interest saved
How gap financing works: The equity gap ($145,870) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($122,120 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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