Loan Comparison: 2.99% vs 6.5%
7214 Aspen Brook, Frederick, CO 80530 · 3bd/2ba · $485,000
List Price
$485,000
Assumable Rate
2.99%
Remaining Balance
$394,857
Equity Gap
$90,143
Loan Type
FHAAdjust Your Scenario
$24,250
$24,250$90,143
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (FHA)
Blended Rate: 3.78%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 2.99% + gap loan
$2,169/moAssumed loan: $1,663/mo
Gap financing: $507/mo
$743less per month with the assumable
Your Savings on This Property
7214 Aspen Brook, Frederick · 2.99% FHA vs 6.5% conventional
$743
per month
$8,916
per year
$267,476
over 30 years
$267,476
interest saved
How gap financing works: The equity gap ($90,143) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($65,893 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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