Loan Comparison: 2.89% vs 6.5%
12704 Forest, Thornton, CO 80241 · 3bd/2ba · $412,000
List Price
$412,000
Assumable Rate
2.89%
Remaining Balance
$279,900
Equity Gap
$132,099
Loan Type
FHAAdjust Your Scenario
$20,600
$20,600$132,099
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,474/moAssumable @ 2.89% + gap loan
$2,021/moAssumed loan: $1,164/mo
Gap financing: $857/mo
$453less per month with the assumable
Your Savings on This Property
12704 Forest, Thornton · 2.89% FHA vs 6.5% conventional
$453
per month
$5,437
per year
$163,099
over 30 years
$163,098
interest saved
How gap financing works: The equity gap ($132,099) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,600, 5% of purchase price) and a second mortgage for the rest ($111,499 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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