Loan Comparison: 3.16% vs 6.5%
1496 Biffle, Berthoud, CO 80513 · 4bd/3ba · $584,900
List Price
$584,900
Assumable Rate
3.16%
Remaining Balance
$349,877
Equity Gap
$233,450
Loan Type
FHAAdjust Your Scenario
$29,245
$29,245$233,450
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 5.13%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,512/moAssumable @ 3.16% + gap loan
$3,076/moAssumed loan: $1,505/mo
Gap financing: $1,570/mo
$436less per month with the assumable
Your Savings on This Property
1496 Biffle, Berthoud · 3.16% FHA vs 6.5% conventional
$436
per month
$5,238
per year
$157,140
over 30 years
$155,567
interest saved
How gap financing works: The equity gap ($233,450) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,245, 5% of purchase price) and a second mortgage for the rest ($204,205 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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