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
$323,785
Equity Gap
$135,214
Loan Type
FHAAdjust Your Scenario
$22,950
$22,950$135,214
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 4.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,756/moAssumable @ 2.87% + gap loan
$2,206/moAssumed loan: $1,342/mo
Gap financing: $863/mo
$550less per month with the assumable
Your Savings on This Property
294 Gila, Ault · 2.87% FHA vs 6.5% conventional
$550
per month
$6,605
per year
$198,153
over 30 years
$198,152
interest saved
How gap financing works: The equity gap ($135,214) 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 ($112,264 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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