Loan Comparison: 2.88% vs 6.5%
12139 Clay, Westminster, CO 80234 · 4bd/3ba · $1,050,000
List Price
$1,050,000
Assumable Rate
2.88%
Remaining Balance
$504,990
Equity Gap
$545,009
Loan Type
FHAAdjust Your Scenario
$52,500
$52,500$545,009
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (FHA)
Blended Rate: 5.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$6,305/moAssumable @ 2.88% + gap loan
$5,883/moAssumed loan: $2,097/mo
Gap financing: $3,787/mo
$421less per month with the assumable
Your Savings on This Property
12139 Clay, Westminster · 2.88% FHA vs 6.5% conventional
$421
per month
$5,057
per year
$151,702
over 30 years
$151,701
interest saved
How gap financing works: The equity gap ($545,009) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($52,500, 5% of purchase price) and a second mortgage for the rest ($492,509 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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