Loan Comparison: 2.87% vs 6.5%
17 Deer Lake Circle, Divide, CO 80814 · 3bd/3ba · $419,999
List Price
$419,999
Assumable Rate
2.87%
Remaining Balance
$296,771
Equity Gap
$123,227
Loan Type
FHAAdjust Your Scenario
$21,000
$21,000$123,227
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 4.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,522/moAssumable @ 2.87% + gap loan
$1,945/moAssumed loan: $1,230/mo
Gap financing: $715/mo
$577less per month with the assumable
Your Savings on This Property
17 Deer Lake Circle, Divide · 2.87% FHA vs 6.5% conventional
$577
per month
$6,920
per year
$207,602
over 30 years
$207,601
interest saved
How gap financing works: The equity gap ($123,227) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,000, 5% of purchase price) and a second mortgage for the rest ($102,227 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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