Loan Comparison: 2.89% vs 6.5%
12704 Forest, Thornton, CO 80241 · 3bd/2ba · $418,500
List Price
$418,500
Assumable Rate
2.89%
Remaining Balance
$326,201
Equity Gap
$137,299
Loan Type
FHAAdjust Your Scenario
$20,925
$20,925$137,299
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,513/moAssumable @ 2.89% + gap loan
$2,251/moAssumed loan: $1,356/mo
Gap financing: $895/mo
$262less per month with the assumable
Your Savings on This Property
12704 Forest, Thornton · 2.89% FHA vs 6.5% conventional
$262
per month
$3,146
per year
$94,366
over 30 years
$139,366
interest saved
How gap financing works: The equity gap ($137,299) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,925, 5% of purchase price) and a second mortgage for the rest ($116,374 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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