Loan Comparison: 3.31% vs 6.5%
3504 Magnolia Street, Evans, CO 80620 · 4bd/2ba · $375,000
List Price
$375,000
Assumable Rate
3.31%
Remaining Balance
$221,636
Equity Gap
$153,363
Loan Type
FHAAdjust Your Scenario
$18,750
$18,750$153,363
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 4.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 3.31% + gap loan
$1,913/moAssumed loan: $972/mo
Gap financing: $941/mo
$339less per month with the assumable
Your Savings on This Property
3504 Magnolia Street, Evans · 3.31% FHA vs 6.5% conventional
$339
per month
$4,063
per year
$121,904
over 30 years
$121,903
interest saved
How gap financing works: The equity gap ($153,363) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($134,613 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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