Loan Comparison: 2.84% vs 6.5%
373 Whimsical, Brighton, CO 80603 · 3bd/2ba · $440,000
List Price
$440,000
Assumable Rate
2.84%
Remaining Balance
$267,053
Equity Gap
$199,014
Loan Type
FHAAdjust Your Scenario
$22,000
$22,000$199,014
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 5.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.84% + gap loan
$2,464/moAssumed loan: $1,103/mo
Gap financing: $1,361/mo
$178less per month with the assumable
Your Savings on This Property
373 Whimsical, Brighton · 2.84% FHA vs 6.5% conventional
$178
per month
$2,136
per year
$64,068
over 30 years
$90,135
interest saved
How gap financing works: The equity gap ($199,014) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($177,014 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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