Loan Comparison: 2.81% vs 6.5%
440 Elizabeth, Dacono, CO 80514 · 3bd/3ba · $520,000
List Price
$520,000
Assumable Rate
2.81%
Remaining Balance
$306,927
Equity Gap
$212,368
Loan Type
FHAAdjust Your Scenario
$26,000
$26,000$212,368
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,122/moAssumable @ 2.81% + gap loan
$2,696/moAssumed loan: $1,263/mo
Gap financing: $1,433/mo
$427less per month with the assumable
Your Savings on This Property
440 Elizabeth, Dacono · 2.81% FHA vs 6.5% conventional
$427
per month
$5,120
per year
$153,586
over 30 years
$152,881
interest saved
How gap financing works: The equity gap ($212,368) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,000, 5% of purchase price) and a second mortgage for the rest ($186,368 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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