Loan Comparison: 2.98% vs 6.5%
2703 Vallecito Street, Timnath, CO 80547 · 6bd/7ba · $715,000
List Price
$715,000
Assumable Rate
2.98%
Remaining Balance
$412,596
Equity Gap
$302,403
Loan Type
FHAAdjust Your Scenario
$35,750
$35,750$302,403
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,293/moAssumable @ 2.98% + gap loan
$3,600/moAssumed loan: $1,735/mo
Gap financing: $1,864/mo
$694less per month with the assumable
Your Savings on This Property
2703 Vallecito Street, Timnath · 2.98% FHA vs 6.5% conventional
$694
per month
$8,325
per year
$249,758
over 30 years
$249,757
interest saved
How gap financing works: The equity gap ($302,403) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,750, 5% of purchase price) and a second mortgage for the rest ($266,653 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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