Loan Comparison: 2.87% vs 6.5%
294 Gila, Ault, CO 80610 · 3bd/3ba · $459,000
List Price
$459,000
Assumable Rate
2.87%
Remaining Balance
$323,070
Equity Gap
$135,930
Loan Type
FHAAdjust Your Scenario
$22,950
$22,950$135,930
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 4.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,756/moAssumable @ 2.87% + gap loan
$2,208/moAssumed loan: $1,340/mo
Gap financing: $869/mo
$548less per month with the assumable
Your Savings on This Property
294 Gila, Ault · 2.87% FHA vs 6.5% conventional
$548
per month
$6,575
per year
$197,238
over 30 years
$197,238
interest saved
How gap financing works: The equity gap ($135,930) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,950, 5% of purchase price) and a second mortgage for the rest ($112,980 at 8.5%). 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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