Loan Comparison: 2.96% vs 6.5%
1347 Copeland Falls Road, Severance, CO 80550 · 3bd/1ba · $529,999
List Price
$529,999
Assumable Rate
2.96%
Remaining Balance
$374,989
Equity Gap
$155,009
Loan Type
FHAAdjust Your Scenario
$26,500
$26,500$155,009
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 2.96% + gap loan
$2,471/moAssumed loan: $1,573/mo
Gap financing: $899/mo
$711less per month with the assumable
Your Savings on This Property
1347 Copeland Falls Road, Severance · 2.96% FHA vs 6.5% conventional
$711
per month
$8,532
per year
$255,964
over 30 years
$255,963
interest saved
How gap financing works: The equity gap ($155,009) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,500, 5% of purchase price) and a second mortgage for the rest ($128,509 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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