Loan Comparison: 3.1% vs 6.5%
5711 92nd, Westminster, CO 80031 · 4bd/2ba · $360,000
List Price
$360,000
Assumable Rate
3.1%
Remaining Balance
$278,853
Equity Gap
$79,981
Loan Type
FHAAdjust Your Scenario
$18,000
$18,000$79,981
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 4.08%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 3.1% + gap loan
$1,667/moAssumed loan: $1,191/mo
Gap financing: $477/mo
$494less per month with the assumable
Your Savings on This Property
5711 92nd, Westminster · 3.1% FHA vs 6.5% conventional
$494
per month
$5,932
per year
$177,964
over 30 years
$176,798
interest saved
How gap financing works: The equity gap ($79,981) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,000, 5% of purchase price) and a second mortgage for the rest ($61,981 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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