Loan Comparison: 6.94% vs 6.5%
3601 Lake Clark Street, Evans, CO 80620 · 5bd/3ba · $475,000
List Price
$475,000
Assumable Rate
6.94%
Remaining Balance
$436,821
Equity Gap
$38,178
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$38,178
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.94% (FHA)
Blended Rate: 6.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 6.94% + gap loan
$2,989/moAssumed loan: $2,889/mo
Gap financing: $101/mo
Your Savings on This Property
3601 Lake Clark Street, Evans · 6.94% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($38,178) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($14,428 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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