Loan Comparison: 5.5% vs 6.5%
10521 Taylor, Firestone, CO 80504 · 3bd/3ba · $510,000
List Price
$510,000
Assumable Rate
5.5%
Remaining Balance
$399,845
Equity Gap
$110,155
Loan Type
FHAAdjust Your Scenario
$25,500
$25,500$110,155
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.5% (FHA)
Blended Rate: 6.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 5.5% + gap loan
$2,921/moAssumed loan: $2,270/mo
Gap financing: $651/mo
$141less per month with the assumable
Your Savings on This Property
10521 Taylor, Firestone · 5.5% FHA vs 6.5% conventional
$141
per month
$1,694
per year
$50,821
over 30 years
$50,821
interest saved
How gap financing works: The equity gap ($110,155) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($84,655 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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