Loan Comparison: 3.62% vs 6.5%
15584 Spruce, Thornton, CO 80602 · 2bd/2ba · $525,000
List Price
$525,000
Assumable Rate
3.62%
Remaining Balance
$407,706
Equity Gap
$191,712
Loan Type
FHAAdjust Your Scenario
$26,250
$26,250$191,712
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (FHA)
Blended Rate: 5.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,152/moAssumable @ 3.62% + gap loan
$3,130/moAssumed loan: $1,858/mo
Gap financing: $1,272/mo
$22less per month with the assumable
Your Savings on This Property
15584 Spruce, Thornton · 3.62% FHA vs 6.5% conventional
$22
per month
$264
per year
$7,912
over 30 years
$82,330
interest saved
How gap financing works: The equity gap ($191,712) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,250, 5% of purchase price) and a second mortgage for the rest ($165,462 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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