Loan Comparison: 2.87% vs 6.5%
2301 93rd, Thornton, CO 80229 · 3bd/1ba · $400,000
List Price
$400,000
Assumable Rate
2.87%
Remaining Balance
$349,618
Equity Gap
$64,571
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$64,571
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.51%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.87% + gap loan
$1,792/moAssumed loan: $1,450/mo
Gap financing: $343/mo
$610less per month with the assumable
Your Savings on This Property
2301 93rd, Thornton · 2.87% FHA vs 6.5% conventional
$610
per month
$7,314
per year
$219,435
over 30 years
$233,624
interest saved
How gap financing works: The equity gap ($64,571) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($44,571 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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