Loan Comparison: 2.87% vs 6.5%
7874 Kittredge, Englewood, CO 80112 · 2bd/2ba · $385,000
List Price
$385,000
Assumable Rate
2.87%
Remaining Balance
$314,603
Equity Gap
$70,396
Loan Type
FHAAdjust Your Scenario
$19,250
$19,250$70,396
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 2.87% + gap loan
$1,698/moAssumed loan: $1,304/mo
Gap financing: $393/mo
$614less per month with the assumable
Your Savings on This Property
7874 Kittredge, Englewood · 2.87% FHA vs 6.5% conventional
$614
per month
$7,369
per year
$221,075
over 30 years
$221,074
interest saved
How gap financing works: The equity gap ($70,396) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($51,146 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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