Loan Comparison: 6.84% vs 6.5%
720 Northwoods Drive, Woodland Park, CO 80863 · 4bd/2ba · $495,000
List Price
$495,000
Assumable Rate
6.84%
Remaining Balance
$456,652
Equity Gap
$38,347
Loan Type
FHAAdjust Your Scenario
$24,750
$24,750$38,347
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.84% (FHA)
Blended Rate: 6.86%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 6.84% + gap loan
$3,084/moAssumed loan: $2,989/mo
Gap financing: $95/mo
Your Savings on This Property
720 Northwoods Drive, Woodland Park · 6.84% 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 ($38,347) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,750, 5% of purchase price) and a second mortgage for the rest ($13,597 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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