Loan Comparison: 3.1% vs 6.5%
5711 92nd, Westminster, CO 80031 · 4bd/2ba · $385,000
List Price
$385,000
Assumable Rate
3.1%
Remaining Balance
$279,437
Equity Gap
$104,981
Loan Type
FHAAdjust Your Scenario
$19,250
$19,250$104,981
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 4.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 3.1% + gap loan
$1,852/moAssumed loan: $1,193/mo
Gap financing: $659/mo
$459less per month with the assumable
Your Savings on This Property
5711 92nd, Westminster · 3.1% FHA vs 6.5% conventional
$459
per month
$5,512
per year
$165,366
over 30 years
$164,784
interest saved
How gap financing works: The equity gap ($104,981) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($85,731 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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