Loan Comparison: 3.23% vs 6.5%
11124 Cherokee, Northglenn, CO 80234 · 4bd/4ba · $620,000
List Price
$620,000
Assumable Rate
3.23%
Remaining Balance
$422,747
Equity Gap
$268,947
Loan Type
FHAAdjust Your Scenario
$31,000
$31,000$268,947
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 5.13%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,723/moAssumable @ 3.23% + gap loan
$3,665/moAssumed loan: $1,835/mo
Gap financing: $1,830/mo
$58less per month with the assumable
Your Savings on This Property
11124 Cherokee, Northglenn · 3.23% FHA vs 6.5% conventional
$58
per month
$697
per year
$20,912
over 30 years
$92,606
interest saved
How gap financing works: The equity gap ($268,947) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,000, 5% of purchase price) and a second mortgage for the rest ($237,947 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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