Loan Comparison: 2.3% vs 6.5%
1100 Russell, Thornton, CO 80229 · 3bd/2ba · $395,000
List Price
$395,000
Assumable Rate
2.3%
Remaining Balance
$344,440
Equity Gap
$45,388
Loan Type
FHAAdjust Your Scenario
$19,750
$19,750$45,388
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.3% (FHA)
Blended Rate: 2.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 2.3% + gap loan
$1,523/moAssumed loan: $1,325/mo
Gap financing: $197/mo
$849less per month with the assumable
Your Savings on This Property
1100 Russell, Thornton · 2.3% FHA vs 6.5% conventional
$849
per month
$10,191
per year
$305,745
over 30 years
$300,573
interest saved
How gap financing works: The equity gap ($45,388) 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 ($25,638 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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