Loan Comparison: 4.98% vs 6.5%
2410 Pineywoods Street, Mead, CO 80542 · 3bd/3ba · $598,000
List Price
$598,000
Assumable Rate
4.98%
Remaining Balance
$459,320
Equity Gap
$138,680
Loan Type
FHAAdjust Your Scenario
$29,900
$29,900$138,680
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (FHA)
Blended Rate: 5.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,591/moAssumable @ 4.98% + gap loan
$3,221/moAssumed loan: $2,460/mo
Gap financing: $761/mo
$370less per month with the assumable
Your Savings on This Property
2410 Pineywoods Street, Mead · 4.98% FHA vs 6.5% conventional
$370
per month
$4,441
per year
$133,220
over 30 years
$133,220
interest saved
How gap financing works: The equity gap ($138,680) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,900, 5% of purchase price) and a second mortgage for the rest ($108,780 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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