Loan Comparison: 4.14% vs 6.5%
754 Mcclure, Firestone, CO 80520 · 5bd/3ba · $483,000
List Price
$483,000
Assumable Rate
4.14%
Remaining Balance
$316,357
Equity Gap
$165,973
Loan Type
FHAAdjust Your Scenario
$24,150
$24,150$165,973
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.14% (FHA)
Blended Rate: 5.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,900/moAssumable @ 4.14% + gap loan
$2,626/moAssumed loan: $1,536/mo
Gap financing: $1,090/mo
$274less per month with the assumable
Your Savings on This Property
754 Mcclure, Firestone · 4.14% FHA vs 6.5% conventional
$274
per month
$3,285
per year
$98,556
over 30 years
$97,886
interest saved
How gap financing works: The equity gap ($165,973) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,150, 5% of purchase price) and a second mortgage for the rest ($141,823 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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