Loan Comparison: 2.84% vs 6.5%
5328 Spalding Place, Frederick, CO 80504 · 2bd/3ba · $400,000
List Price
$400,000
Assumable Rate
2.84%
Remaining Balance
$327,889
Equity Gap
$72,110
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$72,110
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.84% + gap loan
$1,719/moAssumed loan: $1,354/mo
Gap financing: $364/mo
$683less per month with the assumable
Your Savings on This Property
5328 Spalding Place, Frederick · 2.84% FHA vs 6.5% conventional
$683
per month
$8,199
per year
$245,965
over 30 years
$245,964
interest saved
How gap financing works: The equity gap ($72,110) 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 ($52,110 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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