Loan Comparison: 3.1% vs 6.5%
295 Chipeta, Brighton, CO 80603 · 4bd/3ba · $510,000
List Price
$510,000
Assumable Rate
3.1%
Remaining Balance
$523,518
Equity Gap
$50,740
Loan Type
FHAAdjust Your Scenario
$25,500
$25,500$50,740
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 3.1% + gap loan
$2,430/moAssumed loan: $2,236/mo
Gap financing: $194/mo
$633less per month with the assumable
Your Savings on This Property
295 Chipeta, Brighton · 3.1% FHA vs 6.5% conventional
$633
per month
$7,593
per year
$227,804
over 30 years
$292,062
interest saved
How gap financing works: The equity gap ($50,740) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($25,240 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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