Loan Comparison: 3.07% vs 6.5%
246 Todd, La Salle, CO 80645 · 2bd/2ba · $310,000
List Price
$310,000
Assumable Rate
3.07%
Remaining Balance
$259,577
Equity Gap
$50,423
Loan Type
FHAAdjust Your Scenario
$15,500
$15,500$50,423
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 3.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 3.07% + gap loan
$1,373/moAssumed loan: $1,104/mo
Gap financing: $269/mo
$489less per month with the assumable
Your Savings on This Property
246 Todd, La Salle · 3.07% FHA vs 6.5% conventional
$489
per month
$5,864
per year
$175,933
over 30 years
$175,933
interest saved
How gap financing works: The equity gap ($50,423) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,500, 5% of purchase price) and a second mortgage for the rest ($34,923 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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