Loan Comparison: 3.1% vs 6.5%
9509 Coal Mine, Littleton, CO 80123 · 2bd/1ba · $350,000
List Price
$350,000
Assumable Rate
3.1%
Remaining Balance
$322,138
Equity Gap
$96,443
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$96,443
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 4.16%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 3.1% + gap loan
$1,983/moAssumed loan: $1,376/mo
Gap financing: $607/mo
$119less per month with the assumable
Your Savings on This Property
9509 Coal Mine, Littleton · 3.1% FHA vs 6.5% conventional
$119
per month
$1,428
per year
$42,855
over 30 years
$111,436
interest saved
How gap financing works: The equity gap ($96,443) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($78,943 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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