Loan Comparison: 2.81% vs 6.5%
10037 Clayton, Thornton, CO 80229 · 3bd/3ba · $515,000
List Price
$515,000
Assumable Rate
2.81%
Remaining Balance
$383,880
Equity Gap
$131,119
Loan Type
FHAAdjust Your Scenario
$25,750
$25,750$131,119
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,092/moAssumable @ 2.81% + gap loan
$2,390/moAssumed loan: $1,579/mo
Gap financing: $810/mo
$703less per month with the assumable
Your Savings on This Property
10037 Clayton, Thornton · 2.81% FHA vs 6.5% conventional
$703
per month
$8,434
per year
$253,013
over 30 years
$253,012
interest saved
How gap financing works: The equity gap ($131,119) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,750, 5% of purchase price) and a second mortgage for the rest ($105,369 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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