Loan Comparison: 3.5% vs 6.5%
1640 Kirkwood, Fort Collins, CO 80525 · 2bd/1ba · $260,000
List Price
$260,000
Assumable Rate
3.5%
Remaining Balance
$256,500
Equity Gap
$24,605
Loan Type
FHAAdjust Your Scenario
$13,000
$13,000$24,605
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.5% (FHA)
Blended Rate: 3.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,561/moAssumable @ 3.5% + gap loan
$1,241/moAssumed loan: $1,152/mo
Gap financing: $89/mo
$320less per month with the assumable
Your Savings on This Property
1640 Kirkwood, Fort Collins · 3.5% FHA vs 6.5% conventional
$320
per month
$3,842
per year
$115,263
over 30 years
$136,368
interest saved
How gap financing works: The equity gap ($24,605) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,000, 5% of purchase price) and a second mortgage for the rest ($11,605 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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