Loan Comparison: 2.96% vs 6.5%
221 Terra Vista, Brighton, CO 80601 · 3bd/3ba · $529,900
List Price
$529,900
Assumable Rate
2.96%
Remaining Balance
$444,471
Equity Gap
$86,412
Loan Type
FHAAdjust Your Scenario
$26,495
$26,495$86,412
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 2.96% + gap loan
$2,325/moAssumed loan: $1,864/mo
Gap financing: $461/mo
$857less per month with the assumable
Your Savings on This Property
221 Terra Vista, Brighton · 2.96% FHA vs 6.5% conventional
$857
per month
$10,282
per year
$308,455
over 30 years
$309,438
interest saved
How gap financing works: The equity gap ($86,412) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,495, 5% of purchase price) and a second mortgage for the rest ($59,917 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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