Loan Comparison: 3.95% vs 6.5%
514 Gallo Street, Lochbuie, CO 80602 · 5bd/5ba · $494,900
List Price
$494,900
Assumable Rate
3.95%
Remaining Balance
$221,951
Equity Gap
$272,948
Loan Type
FHAAdjust Your Scenario
$24,745
$24,745$272,948
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.95% (FHA)
Blended Rate: 5.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 3.95% + gap loan
$2,789/moAssumed loan: $1,053/mo
Gap financing: $1,735/mo
$183less per month with the assumable
Your Savings on This Property
514 Gallo Street, Lochbuie · 3.95% FHA vs 6.5% conventional
$183
per month
$2,196
per year
$65,876
over 30 years
$65,875
interest saved
How gap financing works: The equity gap ($272,948) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,745, 5% of purchase price) and a second mortgage for the rest ($248,203 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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