Loan Comparison: 2.81% vs 6.5%
12826 Mayfair, Englewood, CO 80112 · 3bd/3ba · $462,000
List Price
$462,000
Assumable Rate
2.81%
Remaining Balance
$291,351
Equity Gap
$169,312
Loan Type
FHAAdjust Your Scenario
$23,100
$23,100$169,312
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,774/moAssumable @ 2.81% + gap loan
$2,323/moAssumed loan: $1,199/mo
Gap financing: $1,124/mo
$451less per month with the assumable
Your Savings on This Property
12826 Mayfair, Englewood · 2.81% FHA vs 6.5% conventional
$451
per month
$5,414
per year
$162,435
over 30 years
$161,098
interest saved
How gap financing works: The equity gap ($169,312) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,100, 5% of purchase price) and a second mortgage for the rest ($146,212 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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