Loan Comparison: 3.31% vs 6.5%
5002 Northern Lights Drive, Fort Collins, CO 80528 · 4bd/3ba · $300,000
List Price
$300,000
Assumable Rate
3.31%
Remaining Balance
$81,713
Equity Gap
$218,286
Loan Type
FHAAdjust Your Scenario
$15,000
$15,000$218,286
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 6.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 3.31% + gap loan
$1,780/moAssumed loan: $358/mo
Gap financing: $1,421/mo
$22less per month with the assumable
Your Savings on This Property
5002 Northern Lights Drive, Fort Collins · 3.31% FHA vs 6.5% conventional
$22
per month
$260
per year
$7,802
over 30 years
$7,801
interest saved
How gap financing works: The equity gap ($218,286) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,000, 5% of purchase price) and a second mortgage for the rest ($203,286 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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