Loan Comparison: 3.06% vs 6.5%
3810 Dove Lane, Evans, CO 80620 · 4bd/3ba · $424,800
List Price
$424,800
Assumable Rate
3.06%
Remaining Balance
$300,897
Equity Gap
$123,902
Loan Type
FHAAdjust Your Scenario
$21,240
$21,240$123,902
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (FHA)
Blended Rate: 4.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,551/moAssumable @ 3.06% + gap loan
$1,996/moAssumed loan: $1,278/mo
Gap financing: $718/mo
$555less per month with the assumable
Your Savings on This Property
3810 Dove Lane, Evans · 3.06% FHA vs 6.5% conventional
$555
per month
$6,655
per year
$199,654
over 30 years
$199,653
interest saved
How gap financing works: The equity gap ($123,902) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,240, 5% of purchase price) and a second mortgage for the rest ($102,662 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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