Loan Comparison: 2.87% vs 6.5%
12536 Albion, Thornton, CO 80241 · 3bd/3ba · $629,900
List Price
$629,900
Assumable Rate
2.87%
Remaining Balance
$469,252
Equity Gap
$162,734
Loan Type
FHAAdjust Your Scenario
$31,495
$31,495$162,734
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 4.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,782/moAssumable @ 2.87% + gap loan
$2,955/moAssumed loan: $1,946/mo
Gap financing: $1,009/mo
$828less per month with the assumable
Your Savings on This Property
12536 Albion, Thornton · 2.87% FHA vs 6.5% conventional
$828
per month
$9,931
per year
$297,927
over 30 years
$300,013
interest saved
How gap financing works: The equity gap ($162,734) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,495, 5% of purchase price) and a second mortgage for the rest ($131,239 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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