Loan Comparison: 2.84% vs 6.5%
6109 Burdock, Erie, CO 80516 · 3bd/3ba · $420,000
List Price
$420,000
Assumable Rate
2.84%
Remaining Balance
$352,408
Equity Gap
$65,267
Loan Type
FHAAdjust Your Scenario
$21,000
$21,000$65,267
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,522/moAssumable @ 2.84% + gap loan
$1,796/moAssumed loan: $1,456/mo
Gap financing: $340/mo
$726less per month with the assumable
Your Savings on This Property
6109 Burdock, Erie · 2.84% FHA vs 6.5% conventional
$726
per month
$8,713
per year
$261,377
over 30 years
$259,052
interest saved
How gap financing works: The equity gap ($65,267) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,000, 5% of purchase price) and a second mortgage for the rest ($44,267 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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