Loan Comparison: 2.81% vs 6.5%
1072 Long Meadows Street, Severance, CO 80550 · 3bd/2ba · $489,900
List Price
$489,900
Assumable Rate
2.81%
Remaining Balance
$371,377
Equity Gap
$118,522
Loan Type
FHAAdjust Your Scenario
$24,495
$24,495$118,522
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 3.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 2.81% + gap loan
$2,185/moAssumed loan: $1,528/mo
Gap financing: $657/mo
$756less per month with the assumable
Your Savings on This Property
1072 Long Meadows Street, Severance · 2.81% FHA vs 6.5% conventional
$756
per month
$9,075
per year
$272,262
over 30 years
$272,261
interest saved
How gap financing works: The equity gap ($118,522) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,495, 5% of purchase price) and a second mortgage for the rest ($94,027 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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