Loan Comparison: 3% vs 6.5%
8806 Silver Glen Drive, Fountain, CO 80817 · 4bd/3ba · $370,000
List Price
$370,000
Assumable Rate
3%
Remaining Balance
$282,865
Equity Gap
$87,135
Loan Type
FHAAdjust Your Scenario
$18,500
$18,500$87,135
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (FHA)
Blended Rate: 3.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,222/moAssumable @ 3% + gap loan
$1,672/moAssumed loan: $1,193/mo
Gap financing: $480/mo
$549less per month with the assumable
Your Savings on This Property
8806 Silver Glen Drive, Fountain · 3% FHA vs 6.5% conventional
$549
per month
$6,591
per year
$197,727
over 30 years
$197,727
interest saved
How gap financing works: The equity gap ($87,135) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,500, 5% of purchase price) and a second mortgage for the rest ($68,635 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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