Loan Comparison: 3.69% vs 6.5%
773 Drake Avenue, Erie, CO 80516 · 2bd/2ba · $845,000
List Price
$845,000
Assumable Rate
3.69%
Remaining Balance
$480,134
Equity Gap
$364,865
Loan Type
FHAAdjust Your Scenario
$42,250
$42,250$364,865
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.69% (FHA)
Blended Rate: 5.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,074/moAssumable @ 3.69% + gap loan
$4,463/moAssumed loan: $2,207/mo
Gap financing: $2,256/mo
$611less per month with the assumable
Your Savings on This Property
773 Drake Avenue, Erie · 3.69% FHA vs 6.5% conventional
$611
per month
$7,331
per year
$219,922
over 30 years
$219,921
interest saved
How gap financing works: The equity gap ($364,865) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($42,250, 5% of purchase price) and a second mortgage for the rest ($322,615 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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