Loan Comparison: 2.84% vs 6.5%
373 Whimsical, Brighton, CO 80603 · 3bd/2ba · $425,000
List Price
$425,000
Assumable Rate
2.84%
Remaining Balance
$239,915
Equity Gap
$184,014
Loan Type
FHAAdjust Your Scenario
$21,250
$21,250$184,014
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 5.13%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 2.84% + gap loan
$2,242/moAssumed loan: $991/mo
Gap financing: $1,252/mo
$310less per month with the assumable
Your Savings on This Property
373 Whimsical, Brighton · 2.84% FHA vs 6.5% conventional
$310
per month
$3,715
per year
$111,439
over 30 years
$110,368
interest saved
How gap financing works: The equity gap ($184,014) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($162,764 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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