Loan Comparison: 2.84% vs 6.5%
7253 Shavano Avenue, Frederick, CO 80504 · 3bd/2ba · $503,000
List Price
$503,000
Assumable Rate
2.84%
Remaining Balance
$384,825
Equity Gap
$118,175
Loan Type
FHAAdjust Your Scenario
$25,150
$25,150$118,175
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,020/moAssumable @ 2.84% + gap loan
$2,240/moAssumed loan: $1,589/mo
Gap financing: $650/mo
$780less per month with the assumable
Your Savings on This Property
7253 Shavano Avenue, Frederick · 2.84% FHA vs 6.5% conventional
$780
per month
$9,366
per year
$280,970
over 30 years
$280,970
interest saved
How gap financing works: The equity gap ($118,175) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,150, 5% of purchase price) and a second mortgage for the rest ($93,025 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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