Loan Comparison: 2.84% vs 6.5%
802 11th, Brighton, CO 80601 · 6bd/3ba · $490,000
List Price
$490,000
Assumable Rate
2.84%
Remaining Balance
$321,415
Equity Gap
$169,295
Loan Type
FHAAdjust Your Scenario
$24,500
$24,500$169,295
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 4.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 2.84% + gap loan
$2,441/moAssumed loan: $1,328/mo
Gap financing: $1,113/mo
$501less per month with the assumable
Your Savings on This Property
802 11th, Brighton · 2.84% FHA vs 6.5% conventional
$501
per month
$6,017
per year
$180,507
over 30 years
$181,217
interest saved
How gap financing works: The equity gap ($169,295) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($144,795 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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