Loan Comparison: 2.9% vs 6.5%
7392 Madison, Centennial, CO 80122 · 4bd/3ba · $875,000
List Price
$875,000
Assumable Rate
2.9%
Remaining Balance
$552,186
Equity Gap
$346,916
Loan Type
FHAAdjust Your Scenario
$43,750
$43,750$346,916
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 4.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,254/moAssumable @ 2.9% + gap loan
$4,629/moAssumed loan: $2,298/mo
Gap financing: $2,331/mo
$625less per month with the assumable
Your Savings on This Property
7392 Madison, Centennial · 2.9% FHA vs 6.5% conventional
$625
per month
$7,495
per year
$224,862
over 30 years
$248,964
interest saved
How gap financing works: The equity gap ($346,916) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($43,750, 5% of purchase price) and a second mortgage for the rest ($303,166 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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