Loan Comparison: 2.74% vs 6.5%
12882 Crane River, Firestone, CO 80504 · 4bd/3ba · $580,000
List Price
$580,000
Assumable Rate
2.74%
Remaining Balance
$383,907
Equity Gap
$195,198
Loan Type
FHAAdjust Your Scenario
$29,000
$29,000$195,198
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,483/moAssumable @ 2.74% + gap loan
$2,843/moAssumed loan: $1,565/mo
Gap financing: $1,278/mo
$640less per month with the assumable
Your Savings on This Property
12882 Crane River, Firestone · 2.74% FHA vs 6.5% conventional
$640
per month
$7,675
per year
$230,235
over 30 years
$229,340
interest saved
How gap financing works: The equity gap ($195,198) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,000, 5% of purchase price) and a second mortgage for the rest ($166,198 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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