Loan Comparison: 2.83% vs 6.5%
12940 Jasmine, Thornton, CO 80602 · 2bd/3ba · $368,000
List Price
$368,000
Assumable Rate
2.83%
Remaining Balance
$269,309
Equity Gap
$98,065
Loan Type
FHAAdjust Your Scenario
$18,400
$18,400$98,065
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,210/moAssumable @ 2.83% + gap loan
$1,723/moAssumed loan: $1,111/mo
Gap financing: $613/mo
$486less per month with the assumable
Your Savings on This Property
12940 Jasmine, Thornton · 2.83% FHA vs 6.5% conventional
$486
per month
$5,835
per year
$175,061
over 30 years
$174,435
interest saved
How gap financing works: The equity gap ($98,065) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,400, 5% of purchase price) and a second mortgage for the rest ($79,665 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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