Loan Comparison: 2.96% vs 6.5%
221 Terra Vista, Brighton, CO 80601 · 3bd/3ba · $514,900
List Price
$514,900
Assumable Rate
2.96%
Remaining Balance
$442,501
Equity Gap
$72,398
Loan Type
FHAAdjust Your Scenario
$25,745
$25,745$72,398
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,092/moAssumable @ 2.96% + gap loan
$2,215/moAssumed loan: $1,856/mo
Gap financing: $359/mo
$877less per month with the assumable
Your Savings on This Property
221 Terra Vista, Brighton · 2.96% FHA vs 6.5% conventional
$877
per month
$10,524
per year
$315,721
over 30 years
$315,720
interest saved
How gap financing works: The equity gap ($72,398) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,745, 5% of purchase price) and a second mortgage for the rest ($46,653 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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