Loan Comparison: 5.23% vs 6.5%
9908 Grove, Westminster, CO 80031 · 2bd/3ba · $450,000
List Price
$450,000
Assumable Rate
5.23%
Remaining Balance
$417,848
Equity Gap
$34,622
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$34,622
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 5.23% + gap loan
$2,395/moAssumed loan: $2,302/mo
Gap financing: $93/mo
$307less per month with the assumable
Your Savings on This Property
9908 Grove, Westminster · 5.23% FHA vs 6.5% conventional
$307
per month
$3,680
per year
$110,406
over 30 years
$112,876
interest saved
How gap financing works: The equity gap ($34,622) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($12,122 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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