Loan Comparison: 2.98% vs 6.5%
3170 94th, Westminster, CO 80031 · 4bd/2ba · $499,000
List Price
$499,000
Assumable Rate
2.98%
Remaining Balance
$517,231
Equity Gap
$101,930
Loan Type
FHAAdjust Your Scenario
$24,950
$24,950$101,930
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,996/moAssumable @ 2.98% + gap loan
$2,767/moAssumed loan: $2,175/mo
Gap financing: $592/mo
$229less per month with the assumable
Your Savings on This Property
3170 94th, Westminster · 2.98% FHA vs 6.5% conventional
$229
per month
$2,752
per year
$82,554
over 30 years
$202,715
interest saved
How gap financing works: The equity gap ($101,930) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,950, 5% of purchase price) and a second mortgage for the rest ($76,980 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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