Loan Comparison: 4.88% vs 6.5%
3000 Blue Sky, Erie, CO 80516 · 2bd/1ba · $300,000
List Price
$300,000
Assumable Rate
4.88%
Remaining Balance
$33,120
Equity Gap
$266,880
Loan Type
FHAAdjust Your Scenario
$15,000
$15,000$266,880
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.88% (FHA)
Blended Rate: 8.08%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 4.88% + gap loan
$2,112/moAssumed loan: $175/mo
Gap financing: $1,937/mo
Your Savings on This Property
3000 Blue Sky, Erie · 4.88% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($266,880) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,000, 5% of purchase price) and a second mortgage for the rest ($251,880 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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