Loan Comparison: 3.02% vs 6.5%
12615 Dexter, Thornton, CO 80241 · 5bd/4ba · $550,000
List Price
$550,000
Assumable Rate
3.02%
Remaining Balance
$379,479
Equity Gap
$222,031
Loan Type
FHAAdjust Your Scenario
$27,500
$27,500$222,031
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 4.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,303/moAssumable @ 3.02% + gap loan
$3,100/moAssumed loan: $1,604/mo
Gap financing: $1,496/mo
$203less per month with the assumable
Your Savings on This Property
12615 Dexter, Thornton · 3.02% FHA vs 6.5% conventional
$203
per month
$2,433
per year
$73,003
over 30 years
$124,513
interest saved
How gap financing works: The equity gap ($222,031) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,500, 5% of purchase price) and a second mortgage for the rest ($194,531 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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