Loan Comparison: 4.14% vs 6.5%
754 Mcclure, Firestone, CO 80520 · 5bd/3ba · $475,000
List Price
$475,000
Assumable Rate
4.14%
Remaining Balance
$315,684
Equity Gap
$157,973
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$157,973
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.14% (FHA)
Blended Rate: 5.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 4.14% + gap loan
$2,565/moAssumed loan: $1,533/mo
Gap financing: $1,032/mo
$287less per month with the assumable
Your Savings on This Property
754 Mcclure, Firestone · 4.14% FHA vs 6.5% conventional
$287
per month
$3,449
per year
$103,476
over 30 years
$102,133
interest saved
How gap financing works: The equity gap ($157,973) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($134,223 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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