Loan Comparison: 2.96% vs 6.5%
3740 85th, Westminster, CO 80031 · 3bd/1ba · $415,000
List Price
$415,000
Assumable Rate
2.96%
Remaining Balance
$372,415
Equity Gap
$64,413
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$64,413
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 2.96% + gap loan
$1,898/moAssumed loan: $1,562/mo
Gap financing: $336/mo
$594less per month with the assumable
Your Savings on This Property
3740 85th, Westminster · 2.96% FHA vs 6.5% conventional
$594
per month
$7,129
per year
$213,877
over 30 years
$235,705
interest saved
How gap financing works: The equity gap ($64,413) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($43,663 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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