Loan Comparison: 3.45% vs 6.5%
3714 Elgin Place, Fort Collins, CO 80547 · 6bd/7ba · $449,500
List Price
$449,500
Assumable Rate
3.45%
Remaining Balance
$286,144
Equity Gap
$163,355
Loan Type
FHAAdjust Your Scenario
$22,475
$22,475$163,355
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 4.79%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,699/moAssumable @ 3.45% + gap loan
$2,262/moAssumed loan: $1,277/mo
Gap financing: $985/mo
$437less per month with the assumable
Your Savings on This Property
3714 Elgin Place, Fort Collins · 3.45% FHA vs 6.5% conventional
$437
per month
$5,245
per year
$157,354
over 30 years
$157,353
interest saved
How gap financing works: The equity gap ($163,355) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,475, 5% of purchase price) and a second mortgage for the rest ($140,880 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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