Loan Comparison: 4.92% vs 6.5%
1628 Holeman Drive, Erie, CO 80516 · 4bd/3ba · $725,000
List Price
$725,000
Assumable Rate
4.92%
Remaining Balance
$616,995
Equity Gap
$108,004
Loan Type
FHAAdjust Your Scenario
$36,250
$36,250$108,004
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.92% (FHA)
Blended Rate: 5.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,353/moAssumable @ 4.92% + gap loan
$3,784/moAssumed loan: $3,282/mo
Gap financing: $502/mo
$570less per month with the assumable
Your Savings on This Property
1628 Holeman Drive, Erie · 4.92% FHA vs 6.5% conventional
$570
per month
$6,835
per year
$205,053
over 30 years
$205,052
interest saved
How gap financing works: The equity gap ($108,004) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,250, 5% of purchase price) and a second mortgage for the rest ($71,754 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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