Loan Comparison: 2.98% vs 6.5%
6221 Easton, Frederick, CO 80504 · 3bd/2ba · $489,900
List Price
$489,900
Assumable Rate
2.98%
Remaining Balance
$379,311
Equity Gap
$110,588
Loan Type
FHAAdjust Your Scenario
$24,495
$24,495$110,588
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 2.98% + gap loan
$2,257/moAssumed loan: $1,595/mo
Gap financing: $662/mo
$685less per month with the assumable
Your Savings on This Property
6221 Easton, Frederick · 2.98% FHA vs 6.5% conventional
$685
per month
$8,215
per year
$246,454
over 30 years
$246,453
interest saved
How gap financing works: The equity gap ($110,588) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,495, 5% of purchase price) and a second mortgage for the rest ($86,093 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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