Loan Comparison: 3.31% vs 6.5%
10700 Kimblewyck, Northglenn, CO 80233 · 3bd/2ba · $415,000
List Price
$415,000
Assumable Rate
3.31%
Remaining Balance
$308,809
Equity Gap
$117,403
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$117,403
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 4.55%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.31% + gap loan
$2,097/moAssumed loan: $1,354/mo
Gap financing: $743/mo
$395less per month with the assumable
Your Savings on This Property
10700 Kimblewyck, Northglenn · 3.31% FHA vs 6.5% conventional
$395
per month
$4,735
per year
$142,057
over 30 years
$153,269
interest saved
How gap financing works: The equity gap ($117,403) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($96,653 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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