Loan Comparison: 2.81% vs 6.5%
1902 116th, Northglenn, CO 80233 · 3bd/2ba · $450,000
List Price
$450,000
Assumable Rate
2.81%
Remaining Balance
$290,664
Equity Gap
$159,336
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$159,336
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.81% + gap loan
$2,248/moAssumed loan: $1,196/mo
Gap financing: $1,052/mo
$454less per month with the assumable
Your Savings on This Property
1902 116th, Northglenn · 2.81% FHA vs 6.5% conventional
$454
per month
$5,449
per year
$163,466
over 30 years
$163,466
interest saved
How gap financing works: The equity gap ($159,336) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($136,836 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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