Loan Comparison: 6.88% vs 6.5%
410 Hillcrest Avenue, Woodland Park, CO 80863 · 3bd/3ba · $465,000
List Price
$465,000
Assumable Rate
6.88%
Remaining Balance
$431,053
Equity Gap
$33,947
Loan Type
FHAAdjust Your Scenario
$23,250
$23,250$33,947
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.88% (FHA)
Blended Rate: 6.90%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 6.88% + gap loan
$2,908/moAssumed loan: $2,833/mo
Gap financing: $75/mo
Your Savings on This Property
410 Hillcrest Avenue, Woodland Park · 6.88% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($33,947) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($10,697 at 7.5%). 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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