Loan Comparison: 3.31% vs 6.5%
43 Vale, Palmer Lake, CO 80133 · 3bd/3ba · $390,000
List Price
$390,000
Assumable Rate
3.31%
Remaining Balance
$226,404
Equity Gap
$163,596
Loan Type
FHAAdjust Your Scenario
$19,500
$19,500$163,596
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 5.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,342/moAssumable @ 3.31% + gap loan
$2,101/moAssumed loan: $993/mo
Gap financing: $1,108/mo
$241less per month with the assumable
Your Savings on This Property
43 Vale, Palmer Lake · 3.31% FHA vs 6.5% conventional
$241
per month
$2,893
per year
$86,775
over 30 years
$86,775
interest saved
How gap financing works: The equity gap ($163,596) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,500, 5% of purchase price) and a second mortgage for the rest ($144,096 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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