Loan Comparison: 6.24% vs 6.5%
3534 Streamwood Drive, Johnstown, CO 80534 · 3bd/4ba · $510,000
List Price
$510,000
Assumable Rate
6.24%
Remaining Balance
$480,068
Equity Gap
$29,931
Loan Type
FHAAdjust Your Scenario
$25,500
$25,500$29,931
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.24% (FHA)
Blended Rate: 6.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 6.24% + gap loan
$2,984/moAssumed loan: $2,953/mo
Gap financing: $31/mo
$79less per month with the assumable
Your Savings on This Property
3534 Streamwood Drive, Johnstown · 6.24% FHA vs 6.5% conventional
$79
per month
$944
per year
$28,313
over 30 years
$28,312
interest saved
How gap financing works: The equity gap ($29,931) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($4,431 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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