Loan Comparison: 2.87% vs 6.5%
7874 Kittredge, Englewood, CO 80112 · 2bd/2ba · $395,000
List Price
$395,000
Assumable Rate
2.87%
Remaining Balance
$315,307
Equity Gap
$79,693
Loan Type
FHAAdjust Your Scenario
$19,750
$19,750$79,693
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.77%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 2.87% + gap loan
$1,768/moAssumed loan: $1,307/mo
Gap financing: $461/mo
$604less per month with the assumable
Your Savings on This Property
7874 Kittredge, Englewood · 2.87% FHA vs 6.5% conventional
$604
per month
$7,243
per year
$217,290
over 30 years
$217,290
interest saved
How gap financing works: The equity gap ($79,693) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,750, 5% of purchase price) and a second mortgage for the rest ($59,943 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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