Loan Comparison: 4.59% vs 6.5%
208 Illini Drive, Woodland Park, CO 80863 · 3bd/2ba · $450,000
List Price
$450,000
Assumable Rate
4.59%
Remaining Balance
$245,629
Equity Gap
$204,371
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$204,371
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.59% (FHA)
Blended Rate: 5.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 4.59% + gap loan
$2,529/moAssumed loan: $1,258/mo
Gap financing: $1,272/mo
$173less per month with the assumable
Your Savings on This Property
208 Illini Drive, Woodland Park · 4.59% FHA vs 6.5% conventional
$173
per month
$2,072
per year
$62,167
over 30 years
$62,167
interest saved
How gap financing works: The equity gap ($204,371) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($181,871 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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