Loan Comparison: 2.89% vs 6.5%
3893 Sweetgum, Wellington, CO 80549 · 3bd/2ba · $445,000
List Price
$445,000
Assumable Rate
2.89%
Remaining Balance
$308,740
Equity Gap
$136,259
Loan Type
FHAAdjust Your Scenario
$22,250
$22,250$136,259
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,672/moAssumable @ 2.89% + gap loan
$2,160/moAssumed loan: $1,283/mo
Gap financing: $877/mo
$512less per month with the assumable
Your Savings on This Property
3893 Sweetgum, Wellington · 2.89% FHA vs 6.5% conventional
$512
per month
$6,144
per year
$184,328
over 30 years
$184,327
interest saved
How gap financing works: The equity gap ($136,259) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,250, 5% of purchase price) and a second mortgage for the rest ($114,009 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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