Loan Comparison: 3.69% vs 6.5%
3751 Summerwood, Johnstown, CO 80534 · 2bd/2ba · $399,000
List Price
$399,000
Assumable Rate
3.69%
Remaining Balance
$307,305
Equity Gap
$129,913
Loan Type
FHAAdjust Your Scenario
$19,950
$19,950$129,913
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.69% (FHA)
Blended Rate: 4.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,396/moAssumable @ 3.69% + gap loan
$2,258/moAssumed loan: $1,413/mo
Gap financing: $846/mo
$138less per month with the assumable
Your Savings on This Property
3751 Summerwood, Johnstown · 3.69% FHA vs 6.5% conventional
$138
per month
$1,651
per year
$49,535
over 30 years
$87,753
interest saved
How gap financing works: The equity gap ($129,913) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,950, 5% of purchase price) and a second mortgage for the rest ($109,963 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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