Loan Comparison: 3.62% vs 6.5%
691 Meadowlark, Brighton, CO 80603 · 3bd/2ba · $399,900
List Price
$399,900
Assumable Rate
3.62%
Remaining Balance
$290,182
Equity Gap
$120,878
Loan Type
FHAAdjust Your Scenario
$19,995
$19,995$120,878
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (FHA)
Blended Rate: 4.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 3.62% + gap loan
$2,098/moAssumed loan: $1,323/mo
Gap financing: $776/mo
$303less per month with the assumable
Your Savings on This Property
691 Meadowlark, Brighton · 3.62% FHA vs 6.5% conventional
$303
per month
$3,636
per year
$109,077
over 30 years
$120,237
interest saved
How gap financing works: The equity gap ($120,878) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,995, 5% of purchase price) and a second mortgage for the rest ($100,883 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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