Loan Comparison: 2.98% vs 6.5%
929 Independent Avenue, La Salle, CO 80645 · 4bd/3ba · $519,000
List Price
$519,000
Assumable Rate
2.98%
Remaining Balance
$362,958
Equity Gap
$156,042
Loan Type
FHAAdjust Your Scenario
$25,950
$25,950$156,042
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,116/moAssumable @ 2.98% + gap loan
$2,436/moAssumed loan: $1,526/mo
Gap financing: $910/mo
$680less per month with the assumable
Your Savings on This Property
929 Independent Avenue, La Salle · 2.98% FHA vs 6.5% conventional
$680
per month
$8,165
per year
$244,964
over 30 years
$244,964
interest saved
How gap financing works: The equity gap ($156,042) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,950, 5% of purchase price) and a second mortgage for the rest ($130,092 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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