Loan Comparison: 2.94% vs 6.5%
240 Ley, La Salle, CO 80645 · 3bd/1ba · $335,000
List Price
$335,000
Assumable Rate
2.94%
Remaining Balance
$200,959
Equity Gap
$134,040
Loan Type
FHAAdjust Your Scenario
$16,750
$16,750$134,040
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 4.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,012/moAssumable @ 2.94% + gap loan
$1,743/moAssumed loan: $841/mo
Gap financing: $902/mo
$269less per month with the assumable
Your Savings on This Property
240 Ley, La Salle · 2.94% FHA vs 6.5% conventional
$269
per month
$3,227
per year
$96,817
over 30 years
$96,816
interest saved
How gap financing works: The equity gap ($134,040) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,750, 5% of purchase price) and a second mortgage for the rest ($117,290 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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