Loan Comparison: 2.87% vs 6.5%
2929 Quail Street, Evans, CO 80620 · 5bd/2ba · $399,999
List Price
$399,999
Assumable Rate
2.87%
Remaining Balance
$247,393
Equity Gap
$152,606
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$152,606
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 4.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.87% + gap loan
$1,953/moAssumed loan: $1,026/mo
Gap financing: $927/mo
$449less per month with the assumable
Your Savings on This Property
2929 Quail Street, Evans · 2.87% FHA vs 6.5% conventional
$449
per month
$5,387
per year
$161,603
over 30 years
$161,603
interest saved
How gap financing works: The equity gap ($152,606) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($132,606 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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