Loan Comparison: 3.61% vs 6.5%
805 Mt Sneffels Avenue, Severance, CO 80550 · 4bd/2ba · $465,000
List Price
$465,000
Assumable Rate
3.61%
Remaining Balance
$281,861
Equity Gap
$183,139
Loan Type
FHAAdjust Your Scenario
$23,250
$23,250$183,139
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (FHA)
Blended Rate: 5.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 3.61% + gap loan
$2,401/moAssumed loan: $1,283/mo
Gap financing: $1,118/mo
$391less per month with the assumable
Your Savings on This Property
805 Mt Sneffels Avenue, Severance · 3.61% FHA vs 6.5% conventional
$391
per month
$4,694
per year
$140,811
over 30 years
$140,811
interest saved
How gap financing works: The equity gap ($183,139) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($159,889 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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