Loan Comparison: 3.96% vs 6.5%
2013 Fork Drive, Lafayette, CO 80026 · 8bd/6ba · $649,000
List Price
$649,000
Assumable Rate
3.96%
Remaining Balance
$159,093
Equity Gap
$489,907
Loan Type
FHAAdjust Your Scenario
$32,450
$32,450$489,907
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.96% (FHA)
Blended Rate: 6.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,897/moAssumable @ 3.96% + gap loan
$3,954/moAssumed loan: $756/mo
Gap financing: $3,199/mo
Your Savings on This Property
2013 Fork Drive, Lafayette · 3.96% 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 ($489,907) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,450, 5% of purchase price) and a second mortgage for the rest ($457,457 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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