Loan Comparison: 3.1% vs 6.5%
259 Castle Drive, Severance, CO 80550 · 5bd/3ba · $429,900
List Price
$429,900
Assumable Rate
3.1%
Remaining Balance
$261,326
Equity Gap
$168,573
Loan Type
FHAAdjust Your Scenario
$21,495
$21,495$168,573
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 4.68%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,581/moAssumable @ 3.1% + gap loan
$2,144/moAssumed loan: $1,116/mo
Gap financing: $1,028/mo
$437less per month with the assumable
Your Savings on This Property
259 Castle Drive, Severance · 3.1% FHA vs 6.5% conventional
$437
per month
$5,245
per year
$157,357
over 30 years
$157,356
interest saved
How gap financing works: The equity gap ($168,573) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,495, 5% of purchase price) and a second mortgage for the rest ($147,078 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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