Loan Comparison: 3.5% vs 6.5%
7608 Barn Owl Drive, Fountain, CO 80817 · 3bd/3ba · $374,000
List Price
$374,000
Assumable Rate
3.5%
Remaining Balance
$170,800
Equity Gap
$203,200
Loan Type
FHAAdjust Your Scenario
$18,700
$18,700$203,200
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.5% (FHA)
Blended Rate: 5.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,246/moAssumable @ 3.5% + gap loan
$2,057/moAssumed loan: $767/mo
Gap financing: $1,290/mo
$189less per month with the assumable
Your Savings on This Property
7608 Barn Owl Drive, Fountain · 3.5% FHA vs 6.5% conventional
$189
per month
$2,265
per year
$67,939
over 30 years
$67,939
interest saved
How gap financing works: The equity gap ($203,200) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,700, 5% of purchase price) and a second mortgage for the rest ($184,500 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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