Loan Comparison: 3.09% vs 6.5%
3618 Teakwood Lane, Johnstown, CO 80538 · 4bd/2ba · $485,000
List Price
$485,000
Assumable Rate
3.09%
Remaining Balance
$304,092
Equity Gap
$180,907
Loan Type
FHAAdjust Your Scenario
$24,250
$24,250$180,907
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.09% (FHA)
Blended Rate: 4.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 3.09% + gap loan
$2,392/moAssumed loan: $1,297/mo
Gap financing: $1,095/mo
$520less per month with the assumable
Your Savings on This Property
3618 Teakwood Lane, Johnstown · 3.09% FHA vs 6.5% conventional
$520
per month
$6,240
per year
$187,205
over 30 years
$187,204
interest saved
How gap financing works: The equity gap ($180,907) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($156,657 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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